Grab to raise around US$600M from Didi and SoftBank: Bloomberg

By Yon Heong Tung

Southeast Asian ride-hailing behemoth Grab is set to raise around US$600 million in a round led by China-based ride-hailing company Didi Chuxing and SoftBank, according to a report by Bloomberg.

Grab has declined to comment on the potential deal to e27.

The report states the round could be finalised by this week, bringing Grab’s war chest to well over US$1 billion. It last raised US$350 million in August last year – also in a round led by Didi (then known as Didi Kuaidi).

This news comes just two days after Didi announced it has absorbed Uber China in a deal worth US$35 billion.

Following the announcement of the Didi and Uber merger, Grab’s CEO Anthony Tan reasserted its steadfast commitment to become the ride-hailing service of choice in the region, in a rallying cry to his employees.

Pundits may see this move as a sign that Didi is not content to drive its only formidable rival Uber out of its home turf, but also out of the entire region.

This article, entitled “Grab to raise around US$600M from Didi and SoftBank: Bloomberg” originally appeared on e27

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