Ride-Haling Service Grab Snatches USD2 Billion From DiDi, SoftBank
Jin Yuanjia
DATE:  Jul 24 2017
/ SOURCE:  Yicai
Ride-Haling Service Grab Snatches USD2 Billion From DiDi, SoftBank Ride-Haling Service Grab Snatches USD2 Billion From DiDi, SoftBank

(Yicai Global) July 24 -- GrabTaxi Holdings Pte Ltd., Uber Technologies Inc.'s largest competitor in Southeast Asia, has raised USD2 billion from Japan's SoftBank Group Corp. [TYO:9984] and Chinese car-hailing giant DiDi Chuxing, which is run by Beijing Xiaoju Technology Co.

Grab said today that it expects to rake in another USD500 million in backing, making this the largest single round of financing in Southeast Asia. If the Singapore-based firm closes the additional capital, its valuation will exceed USD6 billion, Bloomberg reported citing a person familiar with the matter.

Grab investors include the sovereign wealth fund China Investment Corp., hedge fund Coatue Management LLC, venture capital group GGV Capital and Vertex Venture Holdings Ltd., a subsidiary of Singapore's state-owned investment company Temasek Holdings Private Ltd.

Grab was founded in 2012 and operates in 65 cities in seven Southeast Asian countries. It is one of the most active mobile platforms in the region and its app has been downloaded more than 50 million times. Grab boasts 1.1 million drivers. The enterprise specializes in authorized taxi and tailored taxi services, and provides motorcycle and shuttle bus services in some countries.

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Keywords:   Grab,Didi,Softbank,FINANCING