Didi and SoftBank pour $2b into Grab

Underlining Southeast Asia's draw as a red-hot investment destination, the Chinese and Japanese tech giants are providing the bulk of the ride-hailing unicorn's newest fundraising.

Grab, the Singapore-headquartered on-demand ride services provider, has received a $2 billion injection from regional tech giants Didi Chuxing and Softbank Group, underlining Southeast Asia's growing draw for investors as companies and private equity funds scout around for better returns.

The landmark investment in Grab by the Chinese ride-hailing giant and Japanese conglomerate was announced on Monday and is part of a $2.5 billion record round of financing.

“The next growth area is Southeast Asia,” said Chua Kee Lock, group president and chief executive of Vertex Ventures, a Grab backer and Singapore’s largest venture capital fund.

A lot of...

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