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SoftBank, Didi hand $2 bn to Uber's biggest Asian rival

The record financing follows Uber's retreat from Russia and China

Yoolim Lee | Bloomberg 

Grab raised $2 billion from Didi Chuxing and SoftBank Group in the largest-ever venture fundraising in Southeast Asia, joining forces with two companies instrumental in driving Uber Technologies out of China. The deal cements an alliance between SoftBank, Didi and Grab, which competes against Uber in markets from Malaysia to Thailand. The Singapore-based ride-hailing company said on Monday it expects to close another $500 million from unspecified new and existing backers. That would take its valuation north of $6 billion, making it the most valuable start-up in Southeast Asia, a person ...

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First Published: Tue, July 25 2017. 01:26 IST