Ride-hailing firm Grab secures up to $700 mn in debt facilities

SMRT is a public transport operator, whose services include trains and buses

Singapore-headquartered Grab, the main Southeast Asian rival of Uber Technologies, said on Friday it had secured debt facilities of up to $700 million to help expand its car rental programme.

Grab, which said the debt funding was a record for a southeast Asian start-up, said the facilities were secured from global and regional banks. Grab, whose leasing programme 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 favourable terms and services for drivers,