Grab, the Singapore startup that bought Uber’s Southeast Asia business earlier this year, continues to announce strategic investors for its ongoing Series H funding round. The latest edition revealed today is Korean automotive firm Hyundai, which is investing $250 million.
Hyundai first invested in Grab in January, and it joins recently announced investors Microsoft (undisclosed) and Booking Holdings ($200 million) in the round, which is aimed at reaching at least $3 billion before the end of this year. Grab first announced a $1 billion investment from Toyota in June and that was doubled to $2 billion when a range of institutional backers joined. Those include OppenheimerFunds, Ping An Capital, Mirae Asset-Naver Asia Growth Fund, Lightspeed Venture Partners and Macquarie Capital, and today Grab disclosed two others: Goldman Sachs Investment Partners and Citi Ventures.
In total, these additions take that Series H round to $2.7 billion so far, Grab said. That means that Grab, which is valued at over $11 billion, has now raised more than $6 billion from investors including SoftBank and China’s Didi. That’s a figure that extends its record for a startup in Southeast Asia. Grab claims 125 million downloads across its eight markets in Southeast Asia and over 2.5 billion rides completed to date, up from two billion in July.