Grab nabs $2 billion in funding


In its latest bid to strengthen its position against Uber in Southeast Asia, Singapore’s Grab has raised a whopping $2 billion in fresh funds from Didi Chuxing and SoftBank. Didi Chuxing is the Chinese ride-sharing giant that defeated Uber in China. According to reports, the fundraising is not over yet as existing and new investors are said to be pooling in $500 million more to the round. Grab will be valued at more than $6 billion at the close of the round. This fundraising solidifies the alliance between Didi Chuxing, SoftBank and Grab and presents a new challenge to Uber, which has been aggressive in its expansion in Asia.

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