The ride-sharing battle is on

Amidst tough competition, Asia’s top ride-hailing service GrabTaxi has managed to raise $400 million in a round led by China’s sovereign wealth fund, the China Investment Corporation. According to sources, the new fundraising round values the Singapore-headquartered company at between $1.6 billion and $1.8 billion. GrabTaxi, along with other Asian ride-hailing startups like Didi Kuaidi (China) and Ola Cabs (India), have been competing with U.S. rival Uber for market domination in Asia. The competition further heated up when Uber became available in 49 cities across Asia and recently announced its plans to invest $1 billion in China and India this year. In an attempt to compete with Uber’s impressive fundraising efforts, the China Investment Corporation, along with Japan’s SoftBank Group and U.S. hedge funds Tiger Global Management and Coatue Management have all poured serious funding into Asian ride-hailing startups that are trying to gain an edge as ride-sharing behemoth Uber makes inroads into their markets in Asia.
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