Taxi-hailing giant Grab gets $2b investment

Grab, the leading on-demand transportation and mobile payments platform in Southeast Asia, announced that China’s Didi Chuxing and Japan’s SoftBank Group Corp will invest up to $2 billion to lead Grab’s current financing round.

Grab anticipates that it will raise an additional $500 million, bringing the total to $2.5 billion in this round from existing and new investors.

According to Grab, DiDi and SoftBank will continue to support Grab’s vision of helping consumers in Southeast Asia access safe transportation and financial products while creating employment opportunities.

Grab said it is by far the most dominant on-demand transportation platform in the region with a market share of 95 percent in third-party taxi-hailing and 71 percent in private vehicle hailing.