Grab expects to raise US$2.5 billion in its latest financing round from existing and new investors, with US$2 billion coming from mobile transportation platform Didi Chuxing (DiDi) and telecommunications and internet company SoftBank Group (SoftBank).
The strategic investment by DiDi and SoftBank allows Grab to continue its vision of aiding consumers in Southeast Asia access safe transportation and financial products, while generating employment opportunities. According to the press statement, Grab leads the region with a market share of 95% in third-party taxi-hailing and 71% in private vehicle hailing. It will continue to strengthen its position and invest in its mobile payments solution GrabPay.
In a statement to Marketing, Grab’s spokesperson said the company will build on its research and development platform, and bring together global talent to “solve some of the biggest local challenges” in Southeast Asia across transport and payments.
It is also on the lookout for strategic investment opportunities in companies in the region that have “great technology”, and share Grab’s vision to move the region forward. The spokesperson declined to comment further regarding its marketing initiatives.
“We are delighted to deepen our strategic partnership with DiDi and SoftBank. With their support, Grab will achieve an unassailable market lead in ridesharing, and build on this to make GrabPay the payment solution of choice for Southeast Asia,” Anthony Tan, group CEO and co-founder, said.
“By deepening our strategic partnership, DiDi and Grab reaffirm our shared commitment to innovating localized solutions to global urban development challenges from the world’s fastest growing marketplaces. Both companies look forward to working together with communities and policymakers across Asia to fully embrace the extraordinary opportunities in the upcoming transportation revolution,” Cheng Wei, founder and CEO of DiDi, said.
“Grab is using technology to address transportation and payments, some of the biggest challenges present in Southeast Asia, and we believe Grab is a tremendously exciting company in a dynamic and promising region,” Masayoshi Son, chairman and CEO of SoftBank Group, said.