SoftBank and Didi hand US$2 billion to Grab, making it SEA's most valuable startup
Add BT as a preferred source
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.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
