Home Business Uber’s Biggest Rival In Asia Raises rival $2.5bn in fresh investments

Uber’s Biggest Rival In Asia Raises rival $2.5bn in fresh investments

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South East Asian ride-hailing company Grab has climbed $2.5bn (£1.9bn) in recent earnings, which is a record in the region.
Didi Chuxing, the company that effectively stopped Uber’s growth in China are one of the catalysts of this move.

Together with Japan’s Softbank, Didi aims to spend up to $2bn. The other $500m will come from fresh and current shareholders.

Currently running in seven countries, the South East Asia’s giant Grab, is the largest well-known ride-sharing business in the region.

Malaysian Multinational Company

The company was set up in 2012 in Malaysia, it provides public taxi, motorbike, private cars and carpooling services and controls 95% exchange stake of “3rd party taxi hailing” in the region, running almost 3 million rides every day.

Grab also operates a mobile payments market which clients can use to book for transport and other businesses.

The firm believes the fresh earning round – will help them to widen their reach and develop new the payments and transport services.

Didi Chuxing commands the Chinese ride-sharing business, while Softbank is the biggest leading Japan technology firms that are controlled by entrepreneur Masayoshi Son.

Grab to dominate Asia Market

Grab chief executive officer Anthony Tan said.”With its help, Grab will accomplish an indisputable market advantage in ridesharing, and work on this to initiative to ensure that GrabPay is the payment choice for Southeast Asia”

The firm has been spending in the region to take the market from its rival Uber and other riding-services. Early this year Grab purchased Indonesian e-commerce firm Kudo as part of an arrangement to put in $700m in the country, to remain the biggest company in the market.