25 Jul '17, 4am

Article: Singapore's Grab Draws $2.5 Billion to Bolster Ride-Hailing, Payments Services

Article: Singapore's Grab Draws $2.5 Billion to Bolster Ride-Hailing, Payments Services

Southeast Asia’s ride-hailing sector is shaping up to be a massive proxy fight between some of the largest tech companies operating in the region. This week, Japanese telecom SoftBank Group and Chinese ride-hailing giant Didi Chuxing entered the fray as the two lead investors in a $2.5 billion funding round in on-demand transportation service Grab, which is based in Singapore but currently operates in 65 cities in seven markets across Southeast Asia. SoftBank and Didi’s investments combined will contribute about $2 billion of that money, with the remainder of the funds coming from a mix of existing and new investors. Ride-hailing apps like Grab and rival Go-Jek, which is headquartered in Indonesia, have emerged as the potential gateway for many new internet users in Southeast Asia to adopt digital services. In several markets, these firms initially drew users to their plat...

Full article: https://www.emarketer.com/Article/Singapores-Grab-Draws-2...

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