Deals
SoftBank, Didi Hand $2 Billion to Uber's Biggest Asian Rival
- Grab expects $500 million more to set record regional funding
- Grab is said to be valued at $6 billion when round closes
Didi Chuxing, Softbank Invest $2 Billion in Grab
This article is for subscribers only.
Grab raised $2 billion from Didi Chuxing and SoftBank Group Corp. in the largest–ever venture fundraising in Southeast Asia, joining forces with two companies instrumental in driving Uber Technologies Inc. out of China.
The deal cements an alliance between SoftBank, Didi and Grab, which competes against Uber in markets from Malaysia to Thailand. The Singapore-based ride hailing company said Monday it expects to close another $500 million from unspecified new and existing backers. That would take its valuation north of $6 billion, making it the most valuable startup in Southeast Asia, a person familiar with the matter said.