Anthony Tan, chief executive and co-founder of Grab, said in the statement, "We are delighted to deepen our strategic partnership with Didi and SoftBank", which he said "share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets".
Grab's fresh fundraising is "a real endorsement of the potential and promise" of Southeast Asia's startup community, said Dane Anderson, a vice president at researcher Forrester. The end may be nigh for the once ubiquitous Uber in this part of the world, and Didi and SoftBank are hedging their bets.
The company said it will continue to strengthen its already-leading market position and invest in GrabPay, its proprietary mobile payments solution.
The new financing is meant to support Grab's efforts in strengthening its position in on-demand transportation and grow its mobile payments business in Southeast Asia.
South East Asian ride-hailing firm Grab has raised $2.5bn (£1.9bn) in fresh funds, in what it says is the region's biggest ever round of investment.
Uber, which has already retreated from markets in China and Russian Federation, now faces a much-stronger rival in Grab as well as an established player in Go-Jek, which dominates the ride-sharing market in Indonesia thanks in part to a $550 million investment from private equity groups KKR & Co. and Warburg Pincus LLC.
The latest capital infusion for Grab comes at a time when its rival Uber, which has a significant Asia presence, is fraught with challenges related to its workplace culture, patent infringements, driver related issues among others.
"Starting with transport, Grab is establishing a clear leadership in Southeast Asia's internet economy based on its market position, superior technology, and truly local insight", said DiDi's founder and CEO ChengWei. Last August, Uber sold its Chinese intrest to Didi.
Grab operates private vehicle, motorcycle, taxi and carpooling services across seven countries with 1.1 million drivers. Its proprietary cashless top-up payment service GrabPay Credits was also launched in December previous year.
Investigators do not know where the truck came from or how long it had been sitting in the parking lot before police arrived. Experts have warned in recent months that tougher immigration policies could make it more hard to stop human trafficking.
Violence against Israelis is rare in Jordan, a tightly policed country that is also a staunch regional ally of the United States. Israel's move triggered Muslim protests and claims that it's trying to expand its role at the site, which is also holy to Jews.
One of the stars from Comic-Con was the highly anticipated " Black Panther ", with footage and posters on display for attendees. Wright spoke proudly of being given the opportunity to play a smart, strong black woman in a big movie like this.
So, nothing you can do about that other than keep your head down, play as well as you can, and see what happens after two days. A victory for either man this week would end the recent run of seven consecutive majors going to first-time major winners.
He pointed to discrepancies between countries' production and export figures, calling the difference "a matter of concern". The Saudis have belatedly woken up to how oil traders react to a USA that's visibly awash with crude.
Talking Smack debuted on the WWE Network on August 2, 2016 and would air immediately following SmackDown at 10pm ET. Young and Daniel Bryan hosted Talking Smack on the WWE network each week after 205 Live .
Aptly named Debug Fresno , the project will be executed by Verily, a subsidiary of Alphabet, which is Google's holding company. A GIANT TECHNOLOGY firm is about to release up to 20 million infected mosquitoes into the centre of California this summer.
Van Dijk To Strike For The Right To Liverpool Move
Pellegrino said last week that Van Dijk is at training but felt the player is "not 100%" fit mentally. Van Dijk has made it clear he wants to leave the Saints and Liverpool is his chosen destination.
Three Palestinians killed in soaring Jerusalem violence
By contrast, the Red Crescent reported at least 450 Palestinians were wounded in the demonstrations, almost half from tear gas. Also, three Palestinians were killed and tens were injured on Friday during the clashes with the Israeli security forces.
Gal Gadot Snaps A Quick Selfie With Her Justice League Bros
Thus, it's quite possible he won't get the main writing credit for Wonder Woman 2 and is just formulating the broader story ideas. IGN reports that during the Warner Bros . panel at the San Diego Comic-Con, a sequel to Wonder Woman was officially confirmed.
German girl found in Mosul is in good health
A pathetic image has surfaced in which an ISIS fighter is seen wearing woman clothes but forget to shave his beard and moustache. The teenager had married a Muslim Arab she met online after arriving in the group's territory, Iraqi officials said.
Trump dines with top aides at his Virginia club
The air wing to support the Ford could add more personnel to the ship, which is created to house more than 4,600 crew members. Taken on her own, the Ford is the most expensive ship of any kind ever built, with a construction cost of almost $13 billion.
Spieth, Koepka, Kuchar lead American charge at British Open
Rain began pounding Royal Birkdale on Wednesday afternoon, closing the course because of the lightning that accompanied the storm. However, patches of bad weather often last for only part of the day, creating different course conditions for different players.
Weekly Review: Sensex, Nifty hit new peak during the week
Reliance Industries and Wipro traded on its new 52-week high of Rs 1,588.00 per share and Rs 290.90 per share, respectively. However, the market breadth closed negative as about 1,425 shares declined against 1,254 advancing shares on the BSE .