Wed. Nov 30th, 2022

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Grab seeks $750 million term loan

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Southeast Asian ride-hailing and food delivery firm Grab is seeking a $750 million term loan, a term sheet showed on Monday after it announced that total group net revenue jumped by about 70% year-on-year in 2020 and had recovered to comfortably above pre-pandemic levels.

“In addition, we’ve hit our growth and profitability targets, and reached several new milestones,” Ming Maa, Grab’s president, said in an emailed newsletter update on the business.

Hours after the update, Grab and one of its subsidiaries were seeking a five-year loan of $750 million for general corporate purposes, according to a term sheet.

Grab declined comment on the term sheet.

Backed by global investors including Softbank Group Corp, Grab has evolved from a ride-hailing app operator to a one-stop shop for services such as food delivery, payments and insurance, helping the company to become Southeast Asia’s most valuable start-up with a valuation of more than $15 billion.

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