Southeast Asia's leading ride-hailing platform Grab announced the completion of its latest round financing of USD2.5 billion, including USD2 billion joint investments from Didi Chuxing and SoftBank.
Grab operates the largest traffic network in Southeast Asia and it is one of the most active mobile platforms in this region, with total downloads of over 50 million. The company has the largest fleet in local areas of over 1.1 million drivers and it provides various ride-hailing services in 65 cities of seven countries in Southeast Asia
The statistics also reveal that Grab has daily orders of nearly three million. It holds 95% market share of the third-party taxi market and 71% market share of the private car ride-hailing market. In December 2016, Grab launched its rechargeable payment method GrabPay Credits to free users from cash payments.
It is said that Didi placed its first investment in Grab in 2015.
This new round financing reportedly valuated Grab at over USD6 billion, which was doubled compared with its USD3 billion valuation in September 2016 when the company raised USD750 million.
