Grab plans to raise US$1.5b

New Straits Times - - Business -

SIN­GA­PORE: Grab, Uber Tech­nolo­gies Inc’s largest ri­val in South­east Asia, plans to raise more than US$1.5 bil­lion (RM6.64 bil­lion) in a new fund­ing round backed by Soft­Bank Group Corp, said sources.

Soft­Bank is pledg­ing about US$1 bil­lion in the ride-shar­ing com­pany backed by Tiger Global Man­age­ment and GGV Cap­i­tal, they said.

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 US$750 mil­lion the com­pany raised in Septem­ber in a round said to give it a then val­u­a­tion of more than US$3 bil­lion. Bloomberg

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