Asian rivals raise US$9B in bid to thwart Uber

‘GREAT THREAT’

Didi after a fierce battle that saw each company burning through more than a billion dollars a year at one point as they fought for drivers and riders with rich subsidies. Uber negotiated a similar move in Russia this month as it seeks to narrow losses.

Now, Uber is trying to compete with its leadership in turmoil. Kalanick stepped aside after a lawsuit by Alphabet Inc.'s Waymo over trade secrets, a U.S. criminal probe over a software tool for evading regulators and an investigation into alleged sexual harassment and discrimination. Several lieutenants, including ally Emil Michael, have also left.

“Uber is serving millions of riders and drivers in over 55 cities across Southeast Asia, and is expanding rapidly to meet strong demand for ride sharing and food delivery,” the company said in an e-mailed statement. “With positive regulatory momentum behind the industry in the region, we are continuously investing in the app and talented local teams to ensure the very best experience for everyone, everywhere we operate.”

SoftBank's Son is emerging as the primary financier behind the anti-Uber alliance. In April, he led a $5.5-billion investment in Didi aimed at giving the Chinese ride-hailing startup a war chest to invest in new technologies and foreign expansion. SoftBank also sprinkled money into Brazil's largest ride-sharing startup 99 and India's Ola, and is in discussions to back Uber's U.S. competitor Lyft Inc, people familiar with the