Ride-hailing giant Grab expects to double revenue in 2019

(Sept 6): Singapore’s Grab outlined ambitious fundraising plans and predicted that sales will double next year, adding to evidence that Southeast Asia’s most valuable startup is expanding well beyond its roots as a ride-haling app and intensifying a rivalry with Indonesia’s Go-Jek.

Revenue will double from the US$1 billion ($1.37 billion) it expects in 2018 as it integrates the acquisition of Uber Technologies Inc.’s regional business and delves deeper into new areas from bike-sharing to digital payments.

It’s on track to raise US$3 billion of funding before the end of this year, co-founder Tan Hooi Ling said at Bloomberg’s Sooner Than You Think technology summit in Singapore. That includes US$1 billion from Toyota Motor Corp., the Japanese automaker’s biggest investment in ride-hailing to date.

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