Grab, Southeast Asia’s most popular ride-hailing app, appointed Ming Maa, a dealmaker at SoftBank and former VP at Goldman Sachs, as president.
Ming, who will be based in Singapore, joins Grab from the Japanese giant, which is also a strategic investor in Grab. He played a key role in overseeing SoftBank’s investments in companies in the ridesharing and e-commerce industries, including SoftBank’s Series D investment in Grab last year and additional Series F investments in September.
Grab raised $750 million from investors in that latest funding round last month, which Bloomberg said was the largest-ever for a Southeast Asian consumer technology company, increasing its valuation to more than $3 billion.
The company plans to expand its services in Southeast Asia at a time when rival Uber has been pulling back in the region.
“Ming is incredibly strategic, and his insights from over a decade of investing in the US and Asia will be of tremendous value as we continue to extend Grab’s market leadership across Southeast Asia,” Anthony Tan, group CEO and co-founder of Grab, said in a statement.
Prior to joining SoftBank, Ming was a principal at Ancora Capital Management in Jakarta and between 2000 and 2012 worked as a VP in Goldman Sachs’ merchant banking division.