Deals
Uber Rival Grab Raising $1.5 Billion in New Funding Round
- SoftBank said to back $1 billion investment to help expansion
- Grab racing against Go-Jek for ride, payment dominance
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Grab, Uber Technologies Inc.’s largest rival in Southeast Asia, plans to raise more than $1.5 billion in a new funding round backed by SoftBank Group Corp., people familiar with the matter said.
SoftBank is pledging about $1 billion in the ride-sharing company backed by Tiger Global Management and GGV Capital, the people said, asking not to be named because the matter is private. It wasn’t clear if the money was coming from the Japanese company itself or its yet-to-close SoftBank Vision Fund. Grab’s financing could be a record for Southeast Asia, eclipsing the $750 million the company raised in September in a round said to give it a then valuation of more than $3 billion.