Grab is all set to directly compete with Uber as it plans to raise .5 billion in new rounds of funding. (File) Grab is all set to directly compete with Uber as it plans to raise .5 billion in new rounds of funding. (File)Grab, Uber Technologies Inc’s biggest ride-hailing competitor in Southeast Asia, said it expects to raise $2.5 billion in its latest financing round that will help bolster its leading position in the region and grow its payments platform. Grab expects to raise an additional $500 million, bringing the total to $2.5 billion in this round, which it said would be the largest-ever single financing in Southeast Asia. The Singapore-headquartered company says it has a Southeast Asia market share of 95 percent in third-party taxi-hailing and 71 percent in private vehicle hailing.

Source: Indian Express July 24, 2017 03:45 UTC