Uber rival Grab to raise $2.5bn, mostly from Didi and SoftBank
Singapore — Southeast Asian ride-hailing firm Grab expects to raise $2.5bn in financing, mostly from China’s Didi Chuxing and Japan’s Softbank, as it strengthens its lead over rival Uber. Didi, China’s ride-hailing leader, and mobile giant SoftBank will invest up to $2bn, while $500m is expected to come from other new and existing investors. Grab said it amounts to the largest single financing in Southeast Asia. Both Didi and SoftBank are already investors in Grab. The Singapore-based firm said it would use the fresh funds to bolster its leading position in the ride-hailing 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, Grab’s group chief executive and co-founder.
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