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Grab to get $2.5-bn fund led by SoftBank, Didi Chuxing in battle with Uber

Southeast Asia has become a key battleground for tech start-ups vying for a market of over 600 mn

Reuters  |  Singapore 

Southeast Asian ride-hailing service Grab expects to raise $2.5 billion in a record round of fundraising to cement its lead over Uber Technolgies Inc in the region and grow its payments platform. Southeast Asia has become a key battleground for technology start-ups vying for a market of over 600 million people, with a burgeoning middle class as well as a youthful, internet-savvy demographic. Grab's Chinese peer Didi Chuxing and Japan's SoftBank Group Corp, both of which are existing investors, will contribute up to $2 billion to lead the current financing round, it said ...

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First Published: Mon, July 24 2017. 11:22 IST
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