Southeast Asia’s leading transportation app Grab has new ammunition to battle against rivals Uber and Go-Jek. The Singapore-headquartered company announced today that its two largest shareholders – China’s Didi Chuxing and Masayoshi Son-led Softbank – are investing up to US$2 billion to lead its current funding round.
Grab expects to raise an additional US$500 million from existing and new investors, bringing the round’s total to US$2.5 billion.
The company claims this is the largest single financing in the history of Southeast Asia.
It says it will use the fresh cash to tighten its grip on the region and invest in its mobile payments solution, GrabPay.
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