Grab: An Uber Competitor to Raise $2.5bn in new Financing

Grab, a Southeast Asian ride hailing revealed that it will likely raise $2.5 billion in financing. The ride hailing service further explained that China’s Didi Chuxing and Japan’s Softbank will finance it. Grab also said that in no time they will lead its competitor Uber. Grab: An Uber Competitor to Raise $2.5bn in new Financing.

Didi is a China’s online taxi service. Softbank and Didi plan to invest $2.5 billion. An amount of $500 million is expected to be invested by some other investors.

Grab: An Uber Competitor to Raise $2.5bn in new Financing

Grab’s CEO and co-founder, Anthony Tan 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

Grab has a market share of 95 % in a third part ride hailing. It has another 71 % share in a private taxi service in Southeast Asia. All these details clearly shows that in no time, Grab will over pass its rival Uber.

Also Read: Uber Completed 5 Billion Rides Globally

The ride hailing service, Grab own private cars, taxis, motorbikes and carpooling services in seven countries and 65 cities across Southeast Asia.

Cheng Wei, Didi founder said in statement:

Starting with transport, Grab is establishing a clear leadership in Southeast Asia’s internet economy based on its market position, superior technology, and truly local insight

Cheng Wei further added”

“Both companies look forward to working together with communities and policymakers across Asia to fully embrace the extraordinary opportunities in the upcoming transportation revolution.”

The latest fundraising of Grab is announced when US based ride hailing service, Uber is struggling from myraid issues.

Masayoshi Son, Chairman of SoftBank shared his views about Grab:

“a tremendously exciting company in a dynamic and promising region.”

Also Read: UberBoat Launches a Speed Boat Service in Croatia

Fizza Atique

Fizza Atique is a Tech writer specializing in the intersection of tech and culture. She likes photography, VR, electronic music, coffee, and baking.
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