Uber rival Grab to raise $2.5b in new financing



The Asian Southeast Asian company Grab said Monday that it expects to increase $ 2.5 billion in financing, mainly from China's Chuxing and Softbank Japan, while it strengthens its lead over rival Uber.

Didi, the leader of China and the mobile giant SoftBank will invest up to $ 2.0 billion, while $ 500 million is expected to come from other new and existing investors.

Grab said that it was the single most important funding in Southeast Asia. Didi and SoftBank are already investors at Grab.

The Singapore-based company said it would use the fresh funds to strengthen its leading position in the tourism industry and invest in a mobile payment platform called GrabPay.

"We are delighted to deepen our strategic partnership with Didi and SoftBank," said Anthony Tan, CEO and co-founder of the Grab Group.

"With their support, Grab will reach an unavoidable market in the sharing of railroads and will rely on it so that GrabPay is the payment solution of choice for Southeast Asia" .

Grab said that he had a 95 percent market share in the three-thirds taxi rises and 71 percent in a private vehicle saluting in Southeast Asia, far ahead of the main rival Uber .

Grab offers passenger, taxi, motorcycle and car-pool services in seven countries and 65 cities in Southeast Asia, an area of ​​650 million people.

"From transportation, Grab establishes clear leadership in the Internet economy in Southeast Asia based on its market position, superior technology and point of Truly local view, "said founder and founder Didi Cheng Wei in a statement.

"Both companies look forward to working together with communities and policy makers in Asia to fully embrace the extraordinary opportunities in the next transport revolution."

Masayoshi Son, President and Chief Executive Officer of SoftBank, described Grab as "an extremely interesting company in a dynamic and promising region"



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