Asian tech giants invest $2.5 billion in taxi-hailing service Grab

Asian tech giants invest $2.5 billion in taxi-hailing service Grab

Uber’s South East Asian competitor Grab has raised $2 billion (£1.5bn) from Japanese technology giant Softbank and its China-based equivalent Didi Chuxing.

Grab is expected to raise an additional amount of $500 million (£385m) from some other tech investors before the ongoing round of funding is closed, which would bring the total investment amount for the round to $2.5 billion (£1.9bn).

The South East Asian taxi-hailing service claims that the investment would be the biggest ever to be made into a tech startup in the region. The startup has plans to use the money boost its growth and invest in its mobile payments platform called GrabPay.

Announcing the investment, Grab said, “We are delighted to deepen our strategic partnership with DiDi and SoftBank … 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.”

Founded by Malaysian Harvard Business School graduates Anthony Tan and Tan Hooi Ling in 2012, Grab now offers services in more than five dozen cities across Indonesia, Singapore, Philippines, Myanmar, Malaysia, Thailand and Vietnam.

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