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Ride-hailing firm Grab to get $2.5 billion as firms pump funds into SE Asia startups

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25/07/2017

CNBC

Southeast Asian ride-hailing company Grab said it expects to raise about $2.5 billion in fresh funds from China’s Didi Chuxing, Japan’s Softbank Group and others to bolster dominance in the region and grow its fledging mobile payments business. Didi Chuxing, the Chinese ride-hailing platform that has triumphed over Uber in the mainland market, and SoftBank will invest up to $2 billion to lead the current financing round, Grab said in a statement on Monday. Grab anticipates raising an additional $500 million, which would bring the total to about $2.5 billion. It said this was the largest single financing in Southeast Asia. Grab did not disclose valuation, but Reuters cited a source close to the company and said it will be valued at more than $6 billion at the close of the round.

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