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.