Singaporean Grab is to receive a new round of funding to further strengthen its market position and fuel the development of GrabPay.
Main investors are Japanese SoftBank as well as Chinese competitor Didi Chuxing who are expected to invest around $ 2 billion; an additional 500 million are expected to be raised from existing and other investors.
Grab, founded by 2 local Harvard alumni in 2014, currently covers around 65 cities in 7 countries across South East Asia where according to Grab it basically controls the market with 95% market share and nearly 3 million rides per day. Grab offers private car, carpooling, taxi and motorbike services.
Other regional competitors are Ueber, who is battling its known issues currently, as well as Go-Jek that so far is focussing on the Indonesian market only.