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Grab likely to raise funds in near future

Reuters Published on Tue, Jun 06, 2017 / 5:51 PM GMT+8

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(June 6): Ride-hailing firm Grab, Uber Technologies Inc's largest rival in Southeast Asia, is likely to embark on a round of fundraising as it works to develop new offerings such as financial services, its chief executive told Reuters on Tuesday.

"I can't specifically give a time line but I can imagine somewhere in the near future, there probably could be more money coming in. That's probably quite likely," Anthony Tan, group chief executive officer and co-founder of Grab, said in an interview after an event to mark the firm's fifth anniversary.

In five years, Grab's network has grown from 40 drivers in one country to over 930,000 across 55 cities in seven countries including Singapore, Indonesia, Vietnam and the Philippines.