Economy

SoftBank Reportedly Approached Uber About a 'Multibillion-Dollar Stake'

SoftBank Reportedly Approached Uber About a 'Multibillion-Dollar Stake'

Grab said Monday that it expects another $500 million will come from other existing and new investors.

Grab is a ride-hailing service created in Malaysia in the year 2012.

The taxi app Grab has been given an additional $2 billion in financing, revealing the intense competition among vehicle services in Asia that have forced companies like Uber to take a back seat to rivals with extremely deep-pockets.

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 nearly 3 million rides every day.

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It also has GrabPay, a digital wallet product originally created to pay for rides but which it is looking to expand into other sectors. He said that the funding will help Grab "achieve an unassailable market lead in ridesharing, and build on this to make GrabPay the payment solution of choice for Southeast Asia".

Didi Chuxing governs the Chinese motor pooling market, and Softbank stands tall as one of the companies in Japan known for top-notch technology. Masayoshi Son runs Softbank.

The joint lead investors are expected to pump up to US$2bn into the transportation and payments "unicorn", while other investors are expected to pony up an additional US$500m to complete the new equity funding round, making it the largest tech financing in Southeast Asia. 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.


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