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Uber’s Rival Grab Set To Dominate In Southeast After Largest Ever Fundraising

24Jul By RishabhNo Comments

FUNDING

Uber’s Rival Grab Set To Dominate In Southeast After Largest Ever Fundraising

The Singapore-based ride-hailing service is getting $2 billion worth of investment from China-based ride-hail player Didi Chuxing and Softbank. The startup also expects to raise an additional $500 million from other investors as part of this round. Provided it closes the additional sum, the company’s valuation would top $6 billion, according to a source familiar with Grab’s fundraising. The $2.5 billion round is reportedly the largest ever single financing round in Southeast Asia and demonstrates just how ferociously the powers that be are battling for ride-hailing dominance in that part of the world. The Singapore-headquartered company says it has a Southeast Asia market share of 95 percent in third-party taxi-hailing and 71 percent in private vehicle hailing. It also provides car...

Ride-hailing App Grab Raises $750M in Funding Led By SoftBank

Southeast Asian ride-hailing firm Grab said it raised $750 million in a funding round led by investor SoftBank Group, helping it build a warchest to solidify its leading position in the region and head off competition from Uber. 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, an existing Grab investor, and analysts have said Uber may focus its efforts and money elsewhere, such as in Southeast Asia. The company is now valued at over $3 billion, a source familiar with the matter said. Its total capital position had increased to over $1 billion, the company said in a s...

Lyft, Ola’s Global Partner Finally Steps Out Of US

Ola's global partner Lyft Inc. now ready to open up outside its home US. The second-largest US ride-hailing company will "very likely" expand to other countries, said John Zimmer, the president and co-founder of Lyft. Against its rival Uber, Lyft has so far focused only on US, while Uber expands in several countries of the world. The smaller San Francisco startup is defending its home turf from Uber partly by spending aggressively on marketing, including promotions targeted at riders and drivers in major US cities. Speaking onstage at the Fortune Brainstorm Tech conference in Aspen, Colorado, Zimmer didn't specify when the company might expand or where it plans to go. A Lyft spokesman declined to comment. Lyft's global alliance includes China's Didi Chuxing, India's Ola and Sou...