Didi, SoftBank lead $600 million round for Grab
Didi and SoftBank are leading a new round of funding in top Southeast Asian ride-sharing service Grab that could top USD 600 million, according to a Bloomberg report.
The round takes the total amount of funds available to Grab to more than USD 1 billion, the people said on condition of anonymity because the deal is private.
A deal comes days after Didi bought out Uber’s operations in China, ending a battle that has cost billions of dollars and allowing the U.S. company to focus its ambitions elsewhere.
Uber now plans to redeploy 150 engineers from its Chinese operations to other key markets, including Grab’s backyard.
Grab, which operates in 30 cities across six countries, was last valued at USD 1.5 billion, according to CB Insights.
Didi forged an alliance last year with Grab, India’s Ola and the U.S.’s Lyft Inc. in an effort to thwart Uber, and it’s unclear what impact the Chinese deal will have on that tie-up.
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