Southeast Asian ride-hailing leader Grab Holdings Inc. is raising US$200 million ($274.8 million) from South Korean private equity firm Stic Investments Inc., according to people familiar with the matter.

Seoul-based Stic Investments is looking to increase its exposure to the region and will invest about US$100 million from one of its funds while raising the remainder from co-investors, according to the people, who asked not to be named because the matter is private. Representatives of Grab and Stic declined to comment.

Despite the devastating impact Covid-19 has had on consumer businesses, Grab has been able to raise money to continue funding its ride-hailing, food delivery and digital financial services. The Singapore-based firm is among the most richly financed tech startups in Southeast Asia, having raised more than US$10 billion to date including about $3 billion from SoftBank Group Corp. It’s valued at US$14.3 billion, according to CB Insights.

Founded in 1999, Stic Investments has about US$4.5 billion under management, according to its website. Its portfolio companies include Big Hit Entertainment Co., the company behind K-pop sensation BTS, and Vietnamese conglomerate Masan Group Corp.