Ride-hailing giant GrabTaxi Holdings Pte. Ltd. expects to see a twofold increase in revenue next year as Southeast Asia’s most valuable startup continues to grow outside its key industry.
Grab co-founder Hooi Ling Tan stated on Thursday that revenue will double from the $1 billion it predicted in 2018, as it adds the acquisition of Uber Technologies Inc.’s regional operations and looks further into new sectors such as bike-sharing and digital payments.
The Singapore-based tech firm is also set to raise $3 billion worth of funding before the end of the year, which includes a $1 billion investment from Japanese carmaker Toyota Motor Corp. This is so far the largest stake purchase made by an automotive manufacturer in a ride-hailing firm.
The value of six-year-old Grab is projected to climb more than $10 billion, following Toyota’s investment.
Besides Toyota, Grab’s other investors include auto companies Honda Motor Co. Ltd., Hyundai Motor Co., and ride-hailing group Didi Chuxing Technology Co. Uber bought a 27.5 percent stake in Grab earlier this year in exchange for its Southeast Asian business.