South East Asian ride-hailing firm Grab has raised $2.5bn (£1.9bn) in fresh funds, in what it says is the region’s biggest ever round of investment.
Didi Chuxing, which effectively ended Uber’s ambitions in China, is one of the key backers. Along with Japan’s Softbank, Didi will invest up to $2bn (£1.5bn). The other $500m (£384m) will come from new and current investors. Operating in seven countries, Grab is South East Asia’s most popular ride-sharing firm.
Founded in Malaysia in 2012, it offers private car, motorbike, taxi, and carpooling services and holds 95% market share of “third-party taxi hailing” in the region, operating nearly 3 million daily rides.