It has seen its busine­ss grow rapidl­y since it bought Uber's region­al ride-hailin­g and food busine­ss last yearSINGAPORE: Southeast Asian ride-hailing firm Grab said on Wednesday it has secured $1.5 billion in fresh financing from a fund run by Japan’s SoftBank and will use a significant portion of it to expand in Indonesia. Grab has seen its business grow rapidly since it bought US-based rival Uber’s regional ride-hailing and food business in March last year. Singapore competition watchdog fines Grab, Uber $9.5 million over mergerThe fresh investment from the Vision Fund of Softbank Group brings the total financing secured by Singapore-headquartered Grab over the past year to more than $4.5 billion. “Grab’s Indonesian business is expanding rapidly, with revenue more than doubling in 2018,” the company said in a statement. Southeast Asia’s ride-hailing market is expected to be worth $20 billion by 2025, according to research by Google and Temasek.

Source: The Express Tribune March 06, 2019 05:48 UTC