SoftBank-backed Grab snags $200m from South Korean PE firm Stic Investments

Southeast Asian ride-hailing leader Grab Holdings Inc. is raising $200 million from South Korean private equity firm Stic Investments Inc., according to people familiar with the matter.

Seoul-based Stic Investments is looking to increase its exposure to the region and will invest about $100 million from one of its funds while raising the remainder from co-investors, according to the people, who asked not to be named because the matter is private. Representatives of Grab and Stic declined to comment.

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 among the most richly financed tech startups in Southeast Asia, having raised more than $10 billion to date including about $3 billion from SoftBank Group Corp. It’s valued at $14.3 billion, according to CB Insights.

Founded in 1999, Stic Investments has about $4.5 billion under management, according to its website. Its portfolio companies include Big Hit Entertainment Co., the company behind K-pop sensation BTS, and Vietnamese conglomerate Masan Group Corp.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.