Grab receives $2 bn in funding
Grab announced on Monday that Didi Chuxing and SoftBank Group Corp will invest US$2 billion (Bt67 billion) in the Singapore-based ride-sharing platform.
Grab anticipates that it will raise an additional $500 million in this financing round from existing and new investors.
It claimed it is the largest ever single financing round in Southeast Asia.
Grab said DiDi, a leading one-stop mobile transportation platform, and SoftBank, a global technology leader, will continue to support its vision of helping consumers in Southeast Asia access safe transportation and financial products while creating employment opportunities.
Grab claimed it is by far the most dominant on-demand transportation platform in the region with a market share of 95 per cent in third-party taxi hailing and a 71 per cent market share in private vehicle hailing.
Grab will continue to strengthen its market position and invest in GrabPay, its proprietary mobile payments solution, said Anthony Tan, the company’s group CEO and co-founder.
