Uber rival Grab to raise $2 bn from SoftBank and China's Didi, reports WSJ
Grab, Uber Technologies Inc's biggest rival in Southeast Asia, is raising as much as $2 billion in funding from Japan's SoftBank Group and China's top ride-hailing firm Didi Chuxing, the Wall Street Journal reported on Friday. The deal, which could close in the next few weeks, would value Singapore-based Grab at more than $5 billion, the Journal reported, citing people familiar with the matter. The reported funding comes amid efforts by Grab to transform into a consumer technology firm that also offers loans, electronic money transfer and money-market funds. Grab declined to comment, while SoftBank and Didi did not immediately respond to Reuters requests for comment.
Grab, which operates its ride-hailing platform in 55 cities across seven countries, raised $750 million in a funding round in September, with sources then valuing the five-year-old startup at over $3 billion. The reported deal also comes at a time when San Franciscobased Uber, the world's largest ride-hailing service, faces setbacks at home ranging from accusations of a sexist work culture and driver protests. Uber's challenges have culminated in the departure of cofounder and CEO Travis Kalanick, who stepped down under investor pressure last month. READ MORE
ARTICLE SOURCE – BUSINESS STANDARD