Grab reportedly adding $1 billion to its war chest, expecting competition with local and foreign rivals

Grab counts SoftBank and Didi Chuxing as backers

Grab is looking to raise as much as $1 billion, at a valuation of around $10 billion, to fuel its expansion in the region after acquiring Uber’s Southeast Asia operations, people familiar with the matter told WSJ. The ride-hailing company counts SoftBank and China’s Didi Chuxing as backers and is now operating in eight SE Asian countries including Malaysia, Indonesia, and the Philippines.

On its home turf, Grab’s current private-hire rival is home-grown Ryde, and is expecting to face a brutal competition with foreign competitors, Indonesia’s Go-Jek and India’s Jugnoo, as both two companies have plans to launch in Singapore.

Source: WSJ