July 24, 2017 – Southeast Asian ride-hailing giant Grab said today that Japan’s SoftBank Group Corp. and China’s ride-hailing leader Didi Chuxing will invest up to US$2 billion in financing aimed at strengthening its market position in the region.
Grab, which is headquartered in Singapore and competes with U.S.-based Uber Technologies in Southeast Asia, also said it expects to raise an additional US$500 million, bringing the total to US$2.5 billion in this latest round of financing.
This is the largest single financing in the history of Southeast Asia, it said in a statement.
The company has been planning to invest in solidifying its lead, such as by investing in the development and expansion of GrabPay, a mobile payment platform, and expanding its research and development, according to a company spokesman.
Anthony Tan, chief executive and co-founder of Grab, said in the statement, “We are delighted to deepen our strategic partnership with Didi and SoftBank,” which he said “share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets.”
Masayoshi Son, chairman and chief executive of SoftBank, was quoted as saying in the statement, “Grab is using technology to address transportation and payments, some of the biggest challenges present in Southeast Asia, and we believe Grab is a tremendously exciting company in a dynamic and promising region.”
Grab offers private car, motorbike, taxi, and carpooling services across seven countries in the region — Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam and Myanmar.