Market Overview

Uber's Rival Grab Touts $2.6 Billion In New Investments

Share:
Uber's Rival Grab Touts $2.6 Billion In New Investments

Southeast Asian ride-hailing company Grab expects to raise about $2.5 billion in new investments from China's state-run Didi Chuxing and Japan's Softbank Group, among other investors.

Softbank and Didi Chuxing, which won the Chinese market over Uber Technologies Inc., will invest up to $2 billion to lead the current financing round, Grab said in a statement, according to CNBC. Grab expects to raise another $500 million.

Grab Solidifies Hold On SE Asia

Reuters cited a source close to the company who said Grab will be valued at more than $6 billion at the close of the round.

Related Link: Didi Chuxing Confirms Acquisition of Uber’s China Unit

"We're encouraged that these two visionary companies share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets," Anthony Tan, group CEO and co-founder of Grab, said in a statement.

"With their support Grab will achieve an unassailable market lead in ridesharing, and build on this to make GrabPay the payment solution of choice for Southeast Asia," Tan added.

Grab said it currently holds 95 percent of the market share in Southeast Asia for third-party taxi-hailing and 71 percent in private vehicle hailing, with nearly 3 million daily rides. Grab provides private car, motorbike, taxi and carpooling services in 65 cities across Southeast Asia, a market of 600 million people.

Posted-In: News Emerging Markets Financing Travel Global Markets Tech General Best of Benzinga

 

Related Articles

View Comments and Join the Discussion!