View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
July 24, 2017

Uber rival Grabs $2.5bn in new investment

New financing to support Grab’s efforts in strengthening its dominant market position in on-demand transportation and payments in Southeast Asia

By CBR Staff Writer

South-East Asian ride-hailing firm Grab has raised $2.5billion (£1.9billion) in the region’s largest investment to date.

Didi Chuxing and SoftBank invested up to $2bn to lead Grab’s financing round, with the strategic investment set to deepen the realtionship between both companies and Grab. The remaining $500million is anticipated to be raised from new and existing investors.

Running the largest Southeast Asian transportation network, Grab currently holds 95% market share in South East Asia for third party taxi-hailing and 71% in the private tax-hailing sector. The ride-hailing app has been downloaded onto over 50 million devices, with almost 3 million daily rides taken.

Uber rivals Grab raises $2.5billion new investment

Ride Hailing firm Grab to raise $2.5billion investment funds

Anthony Tan, Grab Group CEO and Co-founder, said, “We are delighted to deepen our strategic partnership with DiDi and SoftBank. We’re encouraged that these two visionary companies share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets, and recognize that Grab is ideally positioned to capitalize on the massive market opportunities.

“With their support, Grab will achieve an unassailable market lead in ridesharing, and build on this to make GrabPay the payment solution of choice for Southeast Asia. We look forward to continuing to work with our valued partners in the future.”

As well as leading the market and offering a range of extended services, the company is expected to continue strengthening its market position by investing in GrabPay – its own mobile payments businesses, which allows customers to pay for rides and other services.

With Grab gradually investing its services successfully around the region, it further allows the company to fend off competitors like Uber and Indonesian competing firm Go-Jek.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?
Read More: Uber CEO Travis Kalanick resigns following investor pressure

Cheng Wei, founder and CEO of DiDi, said, “Starting with transport, Grab is establishing a clear leadership in Southeast Asia’s internet economy based on its market position, superior technology, and truly local insight. By deepening our strategic partnership, DiDi and Grab reaffirm our shared commitment to innovating localized solutions to global urban development challenges from the world’s fastest growing marketplaces. Both companies look forward to working together with communities and policymakers across Asia to fully embrace the extraordinary opportunities in the upcoming transportation revolution.”

 

Topics in this article : , , ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU