Singapore's Grab raises $2.5 bil. led by SoftBank, Didi Chuxing

Didi Chuxing, SoftBank Lead $2 Billion Round In Southeast Asian Ride-Hauling Firm Grab

Grab raised $2 billion from Didi Chuxing and SoftBank Group in the largest - ever venture fundraising in Southeast Asia, joining forces with two companies instrumental in driving Uber Technologies out of China.

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

SoftBank has also invested in Grab, leading its $250 million round back in 2014 as well as its $750 million round in September 2016.

Chinese ride-hailing company Didi Chuxing and Japan's SoftBank group will lead the current round of investment, contributing up to $2 billion, while the remaining $500 million will come from existing and new investors, the company said.

Egypt forces kill eight militants at camp in south
Automatic rifles, ammunition and supplies were recovered at the Fayoum camp southwest of the capital, the ministry said. Egyptian officials have maintained that that the group is linked to the banned Muslim Brotherhood group.

Uber negotiated a similar move in Russian Federation this month as it seeks to narrow losses."Uber is serving millions of riders and and drivers in over 55 cities across Southeast Asia, and is expanding rapidly to meet strong demand for ridesharing and food delivery", the company said in an e-mailed statement. Grab said it amounts to the largest single financing in Southeast Asia.

The move, in effect, is a double down from Didi and SoftBank, affirming the belief that Uber's future in the ASEAN region can go the same way as China and Russian Federation. Within the region, the service also contends it holds a market share of 95 percent among taxi-hailing users and 71 percent among private vehicle requests.

This latest influx of funding will be used to solidify Grab's market position in South-East Asia, as well as bolster investment in its mobile payments platform, GrabPay.

"By deepening our strategic partnership, Didi Chuxing and Grab reaffirm our shared commitment to innovating localised solutions to global urban development challenges from the world's fastest growing marketplaces".

'Stranger Things' Trailer Reveals a Thrilling and Haunting Look at Season 2
Just in time for Halloween , which will play a big part in this season apparently. Hopper gets to do some very thrilling, sexy things in Season 2 , so enjoy, kids.

Grab has also expressed interest in becoming a payment-processing service.

Uber has been expected to increase its focus on India and Southeast Asia after retreating from China previous year. Didi became known as an Uber slayer after it bought out Uber's business in China a year ago.

When it comes down to which company commands the most market share in Southeast Asia, a recent study shows Grab with 95 percent in the licensed taxi e-hailing market, while the company holds firm with 71 percent for the private car's market. The company also said its GrabPay service has grown by 80 percent since its launch in December.

Costa told in January his Chelsea days were numbered
The imminent signing of Alvaro Morata for £58m certainly suggests Chelsea are planning for life without Costa, though Atletico's transfer ban appears to have stalled a move away.

Share

Related News

  • Michelle Pfeiffer To Come On Board For 'Ant-Man and the Wasp'

    Michelle Pfeiffer To Come On Board For 'Ant-Man and the Wasp'

    The hosts of this show were Ant-Man's Paul Rudd and Michael Pena in character as Scott Lang and Luis, respectively. It's starting to feel like there's been a long gap between Ant-Man and its planned sequel, Ant-Man And The Wasp .
    Lucky Whitehead's week of drama wasn't worth keeping him for the Cowboys

    Lucky Whitehead's week of drama wasn't worth keeping him for the Cowboys

    When asked if firing Whitehead was a possibility, Garrett said - "Oh, absolutely". "I don't know who got arrested in Virginia". The Cowboys receiver was released on Monday, just hours after TMZ reported there was a warrant out for his arrest in Virginia.
    Jose Mourinho rules out David de Gea leaving Manchester United

    Jose Mourinho rules out David de Gea leaving Manchester United

    On playing in the Premier League, Danilo said: "It is a competition I always liked, I always wanted". He was contacted for a long time. "My feeling is it will very hard for him to go".
  • Distressed elephants stuck out in the OCEAN ...rescued by Sri Lanka's navy

    Distressed elephants stuck out in the OCEAN ...rescued by Sri Lanka's navy

    Neither of the elephants were injured during the operation and were seen walking inland after making it to the beach. The rescue operation that lasted for five hours was carried out by Navy personnel of the Eastern Naval Command. .
    Don't know if 39 abducted Indians are alive

    Don't know if 39 abducted Indians are alive

    Ibrahim al-Jaafari, who began a five-day India visit on Monday, held extensive talks with Swaraj. He met Swaraj in New Delhi for a discussion on bilateral relations between India and Iraq.
    We wrap-up Day 1 of San Diego Comic-Con

    We wrap-up Day 1 of San Diego Comic-Con

    Just before the series is set to end its historic run on MTV, this panel will take a look back at where it all began. The title video then encouraged visitors to go to AHS7.com where they learned the title.
  • Xbox One X pre-ordering isn't far off, says Xbox's Phil Spencer

    Xbox One X pre-ordering isn't far off, says Xbox's Phil Spencer

    It's been nearly a month since Xbox received the most amount of fixes in the Alpha cycle, involving OOBE, Store, and Mixer. Phil Spencer , executive vice president of Xbox Business, just said that the Xbox One X has all approvals.
    Errant US bombing kills 12 Afghan security forces

    Errant US bombing kills 12 Afghan security forces

    Spokesperson Khapalwak said that the Taliban has held 33 hostages after freeing the others. A Taliban statement meanwhile claimed a victory and said 16 Afghan soldiers were killed.
    Poland's senators approve contentious court overhaul

    Poland's senators approve contentious court overhaul

    Polish lawmakers have voted to approve a contentious law that gives control of the top court to politicians instead of judges. Prime Minister Viktor Orban says that the European Union is targeting Poland and seeking to weaken individual member states.
  • Would be immigrants found dead in a lorry in the US

    Would be immigrants found dead in a lorry in the US

    Once the victims undergo treatment, the case will be turned over to US Immigration and Customs Enforcement, the police chief said. Many suffered from dehydration and heat stroke. "We're looking at a human trafficking crime ", McManus said .
    Trump Commissions America's Most Advanced Aircraft Carrier

    Trump Commissions America's Most Advanced Aircraft Carrier

    The Navy also said it would spend $43 billion in total to build the first three ships in the class, including the USS John F. The U.S. must reform the defense acquisitions process to "ensure we get the best equipment at the best prices", he said.
    Reliance Industries Shares Surge Nearly 4 Percent Post Q1 Earnings

    Reliance Industries Shares Surge Nearly 4 Percent Post Q1 Earnings

    RIL also announced one bonus share for every share held - the first such issue after 12 years, and a dividend of Rs 13 a share. RIL which has a market capitalisation of Rs 4,97,000 crore closed 0.31 per cent down at Rs 1,528.70 on the BSE on Thursday.