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Ride-hailing Company Grab Raises $750 million from Softbank

by Chinmay Bidkar
September 20, 2016
in News
Reading Time: 1 min read
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Didi Chuxing, SoftBank Invests in South-east Asian Ride-sharing Service Grab

REUTERS

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Ride-hailing company Grab
REUTERS

20 September 2016, USA :

Southeast Asian ride-hailing company Grab said it raised $750 million in a funding round led by investor SoftBank Group. Grab said it planned to expand its services in Southeast Asia.

“We see [Indonesia as] an almost $15 billion market for ride-hailing services alone,” said Anthony Tan, group CEO and co-founder of Grab, in a media statement reported CNBC.

Grab’s announcement comes a few weeks after Uber sold its China operations to bigger domestic rival Didi, an existing Grab investor, and analysts have said Uber may focus its efforts and money elsewhere, such as in Southeast Asia.

“We are particularly excited about the growth opportunity in Indonesia, where we see an almost $15 billion market for ride-hailing services alone, as well as the potential to extend GrabPay’s platform regionally,” CEO and co-founder Anthony Tan said in the statement to Reuters.

Ride-hailing company Grab, at present operates as many as 1.5 million daily bookings across six countries! Since its launch in 2012, the company has expanded into motorbike hailing, carpooling and delivery. It also recently teamed up with Indonesian conglomerate Lippo Group to roll out a mobile payment platform in its biggest market, Indonesia.

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SALESFORCE TO DO IT EINSTEIN’S WAY!
Tags: fundingGrabIndonesiaInvestmentRide sharingRide-hailing companySoftbank
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Chinmay Bidkar

Curious, Keen Observant & Dynamic! Chinmay finds peace in meeting people who work hard for humanity. He has new found interest in Gadgets and Techs and at Techstory he gets to write about it! Reach out at- [email protected]

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