SoftBank and Didi hand US$2 billion to Grab, making it SEA's most valuable startup

Singapore

GRAB raised US$2 billion from Didi Chuxing and SoftBank Group Corp in the largest-ever venture fund-raising in South-east Asia, as it joins forces with the Chinese company that drove Uber Technologies out of China.

The deal cements a loose alliance between Didi and Grab, which competes against Uber in markets from Malaysia to Thailand. The Singapore-based ride hailing company said on Monday it expects to close another US$500 million from unspecified new and existing backers. That will take its valuation north of US$6 billion, making it the most valuable startup in South-east Asia, a person familiar with the matter said.