Grab snags $275.13m from South Korean private equity firm

Stic Investments will invest about $137.57m (US$100m) from one of its funds.

Grab is raising $275.13m (US$200m) from South Korean private equity firm Stic Investments, according to people familiar with the matter.

Seoul-based Stic Investments is looking to increase its exposure to the region and will invest about $137.57m (US$100m) from one of its funds, whilst raising the remainder from co-investors, according to the people who asked not to be named because the matter is private.

Despite the devastating impact Covid-19 has had on consumer businesses, Grab has been able to raise money to continue funding its ride-hailing, food delivery and digital financial services. The Singapore-based firm is amongst the most richly financed tech startups in Southeast Asia, having raised more than $13.76b (US$10b) to date including about $4.13 (US$3b) from SoftBank Group Corp. It’s valued at $19.67b (US$14.3b), according to CB Insights.

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