A ride-hailing service in the southeastern part of Asia has leveraged $2.5bn (£1.9bn) in new funds in what the service addresses as the region’s biggest set of investment. Didi Chuxing which efficiently halted Uber’s vision in China is one of the pronounced backers.
While $500m will be raised from new and existing investors, Japan’s Softbank, Didi will commit up to $2bn. Functioning in seven countries, Grab stands out as the most popular ride-sharing firm in South East Asia.
Grab remains incontestable
Grab is a ride-hailing service created in Malaysia in the year 2012. It offers motorbike, private car, carpooling and taxi services. It operates about 3 million rides daily, holding 95% market share of the 3rd party taxi hailing in the area.
Grab also offers mobile payments services, allowing clients to pay for services such as ride. The firm hopes to expand its payment and transport business with the proceeds from the recent funding round.
Didi Chuxing governs the Chinese motor pooling market, and Softbank stands tall as one of the companies in Japan known for top-notch technology. Masayoshi Son runs Softbank.
The CEO of Grab, Anthony Tan said that with their support, the firm would secure market lead in ride-sharing and stand on this to make Grab face the payment solution of choice for the southeastern part of Asia.
In a bid to steer off the competition with Uber and other services, Grab has been investing relentlessly. During the early part of this year, Grab purchased Indonesian e-commerce business, Kudo in line with the plan to make a $700m investment in the country which stands as the company’s largest market.