Jul 24, 2017

Uber rival Grab to raise $2.5bn in fresh investments

Southeast Asian ride-hailing firm Grab has raised $2.5bn in fresh funds, in what it says is the region's biggest ever round of investment. Operating in seven countries, Grab is south east Asia's most popular ride-sharing firm. Grab also runs a mobile payments business which customers can use to pay for rides and other services. "With their support, Grab will achieve an unassailable market lead in ridesharing, and build on this to make GrabPay the payment solution of choice for Southeast Asia," Grab chief executive officer Anthony Tan said. Earlier this year Grab bought Indonesian ecommerce platform Kudo as part of a plan to invest $700m in the country, the firm's largest market.

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