Grab gets Wismuller Gunters attention
Grab gets $750 million in funding to expand its Asian Operations. Wismuller Gunter raises its outlook on the firm.
- (1888PressRelease) September 24, 2016 - Grab, the biggest rival to Uber Technologies Inc in Southeast Asia, has raised $750 million, which is really turning up the heat on the U.S. firm now hoping to expand in the region after exiting China.
Wismuller Gunter are bullish about this move following the exponential rise of Uber throughout Europe. The cash-injection comes just a month after Go-Jek - one of the fastest growing Indonesian start-ups - raised $550 million which shows the level of competition in the area for ride-sharing apps.
A representative of Wismuller Gunter commented - "We see the success of Go-Jek and Uber so far and Grab has even more potential, this is a really exciting time for the company and the market, the competition has just stepped up another level. In early 2016 Grab's services in Indonesia grew at unprecedented levels and we expect to see more of the same from this company"
Grab has confirmed it will use the funds to expand into the highly lucrative Southeast Asian market, particularly Indonesia. In addition to this, Grab plans to invest in its mobile payments capabilities in a region with low banking and credit card penetration and limited cashless payment options.
Since its launch in 2012, the company has built a 95% share in the motorbike hailing, carpooling and delivery markets. It also recently teamed up with Indonesian conglomerate Lippo Group to roll out a mobile payment platform in Indonesia.
About Wismuller Gunter
Wismuller Gunter is a Global Wealth Management Specialist currently trading over $750 million in assets with operations throughout Europe and Asia. The company excels in investment banking, mergers and acquisitions, fund management and private equity. Information about Wismuller Gunter is available at www.wismullergunter.com
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