Didi Chuxing and Softbank led $2.5 billion for Grab

Tinuku ~ Didi Chuxing and Softbank led US$2.5 billion fundraising for Grab. The Beijing-based ride-sharing company Didi Chuxing and Tokyo-based Internet company SoftBank Group Corp. pushing fresh funding for Grab as a new force in the increasingly tough competition facing Tencent-backed Go-Jek. Didi and Softbank invested up to US$2 billion and another investor around US$500 million.

Tinuku Didi Chuxing and Softbank led $2.5 billion fund for Grab

Didi Chuxing, Softbank and other investors raised a new round of funding for Singapore-based ride-sharing company Grab. The investment reported a total of US$2.5 billion to encourage Grab valuation to more than US$6 billion. Grab was founded by Malaysians, Anthony Tan and Tan Hooi Ling.

"Didi and Grab look forward to working with communities and policymakers across Asia to fully receive tremendous opportunities in the future transport revolution," said Didi Chuxing founder and CEO Cheng Wei in a statement.

"Starting in transportation, Grab builds a clear leadership in the Southeast Asian internet economy based on market positioning, superior technology and true local insights," Wei said.

Didi Chuxing first invested US$350 million in Grab by 2015. The Chinese company sought to build an alliance with a global transport company to compete with Uber before Didi finally bought Uber China operations last August.

Didi has also invested in Ola India and Lyft, they have agreed to share knowledge. Southeast Asia has become a major battleground for technological startups competing for markets with more than 600 million people in growing middle class and smart demographics.

"Didi and SoftBank support, Grab will lead the most powerful market and to make GrabPay the preferred payment solution for Southeast Asia," Tan said in a statement.

Grab, Uber and Go-Jek have gone through the toughest competition in the world. Tencent Holdings Ltd has invested additional funds for Go-Jek around US$150 million this month and has been estimated to have a total valuation of more than US$2 billion.