South Korean private equity firm STIC Investments has invested $200 million in Southeast Asian ride-hailing firm Grab Holdings Inc, industry sources said on July 30.

About $84 million was pulled out of the STIC’s second special situations fund. The remainder was temporarily financed by loans, which will be replaced with funds from a co-investment fund that is in the process of raising money from some of the special situations fund’s investors, including the National Pension Service and Teachers’ Pension.

Grab has received investments from several other Korean companies in recent years. In 2018 Hyundai Motor Group invested $250 million in Grab, while internet giant Naver Corporation and Mirae Asset Daewoo Co Ltd invested $150 million in the company through their joint fund. SK Holdings Co Ltd bought a minority stake in Grab in 2018 and its affiliate SK Telecom Co Ltd established a joint venture with the ride-hailing firm the following year to work together on mapping and navigation services.

Grab’s global investors include the Softbank Vision Fund, Microsoft Corporation, Toyota Motor Corporation and Invesco. Founded in 2012, the Singapore-based company has so far raised more than $10 billion in total funding.

Grab, which acquired ride-hailing rival Uber’s Southeast Asia operations in 2018, has experienced rapid growth in recent years. It has recently expanded its business portfolio to include online payments and food delivery services. Investors in Grab are expecting its enormous customer base to lead to continuous expansion of the company’s ecosystem, industry watchers said.

Grab is the third investment from STIC’s second special situations fund, a 1.2 trillion won ($1 billion) fund launched in 2019. The fund’s other investments include parking services company Hi Parking Co Ltd and electronic materials supplier Iljin Materials Co Ltd. (Reporting by Hye-ran Kim)