Ride-hailing app Grab raises $750 million in funding led by SoftBank
SINGAPORE (Reuters) – Southeast Asian ride-hailing firm Grab said it raised $750 million in a funding round led by investor SoftBank Group, adding that it would continue expanding in the region and also significantly invest in mobile payments capabilities.
Southeast Asia is fast becoming a key battleground for ride-hailing firms thanks to a burgeoning middle class as well as a youthful, Internet-savvy demographic.
Grab’s announcement comes a few weeks after Uber sold its China operations to bigger domestic rival Didi and analysts have said Uber may focus its efforts and money elsewhere, such as in Southeast Asia.
(Reporting by Aradhana Aravindan; Editing by Edwina Gibbs)