Grab, Uber's SEAsia rival, to raise $3.5 billion from Didi, SoftBank, others

Grab, Uber's SEAsia rival, to raise $3.5 billion from Didi, SoftBank, others
PHOTO: Reuters

SINGAPORE - Grab, Uber Technologies Inc's biggest ride-hailing competitor in Southeast Asia, said it expects to raise $2.5 billion (S$3.5 billion) in its latest financing round that will help bolster its leading position in the region and grow its payments platform.

Chinese peer Didi Chuxing and Japan's SoftBank Group Corp , both of which are existing investors, will invest up to $2 billion to lead the current financing round, it said in its statement on Monday.

Grab expects to raise an additional $500 million, bringing the total to $2.5 billion in this round, which it said would be the largest-ever single financing in Southeast Asia.

Grab will be valued at more than $6 billion at the close of this round, according to a source close to company.

The company said it has a Southeast Asia market share of 95 per cent in third-party taxi-hailing and 71 per cent in private vehicle hailing.

It operates private car, motorcycle, taxi and carpooling services across seven countries in the region.

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