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Grab, which said the debt funding was a record for a southeast
Asian startup, said the facilities were secured from global and
regional banks.
Grab, whose leasing program helps in growing its driver network,
said it would have the largest car rental fleet in Southeast
Asia by the fourth quarter of 2018.
It said it would make more cars available for rent, and provide
more favorable terms and services for drivers, increasing the
supply of vehicles on the road. The company said it has more
than 1.8 million drivers in its regional network.
The company also said it had signed a partnership with
Singapore's SMRT, which will give it exclusive access to SMRT's
taxi and private car fleet management capabilities, in addition
to its network of taxis and Strides private-hire cars.
SMRT is a public transport operator, whose services include
trains and buses. It has a fleet of more than 3,300 taxis.
A previous tie-up between the two firms enabled SMRT drivers to
use Grab as the only ridehailing app for taxi bookings.
Grab provides private car, motorbike, taxi, and carpooling
services across seven countries in Southeast Asia. In July, it
announced a $2.5 billion fundraising round.
It said it has a current market share of 95 percent in
third-party taxi-hailing and 72 percent in private vehicle
hailing.
(Reporting by Aradhana Aravindan; Editing by Edwina Gibbs)
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