Grab, the biggest rival to ride-sharing service Uber Technologies Inc [UBER.UL] in Southeast Asia, has raised $750 million in a funding round, turning up the heat on the U.S. firm now seeking to expand in the region after exiting China.
Four-year-old Grab said it planned to expand its services in Southeast Asia through the funding round, which was led by Japan’s SoftBank Group with new and existing investors.
The region has become a key battleground for ride-hailing firms thanks to a burgeoning middle class as well as a youthful, internet-savvy demographic.
The latest funding values Grab at over $3 billion, a source familiar with the matter said.
Reuters (20 Sept.)
