The deal cements a loose alliance between Didi and Grab, which competes against Uber in markets from Malaysia to Thailand. That will take its valuation north of $6 billion, making it the most valuable startup in Southeast Asia, a person familiar with the matter said. SoftBank has been the primary financier of the battle against Uber in Asia, first putting $5 billion in Didi before an investment in Grab and India’s Ola. The Grab round is one of its largest investments in the region, coming on the heels of the establishment of its mega $93 billion Vision Fund. “Grab is using technology to address transportation and payments, some of the biggest challenges present in Southeast Asia,” SoftBank Chairman Masayoshi Son said in a statement.

Source: Bangkok Post July 24, 2017 04:41 UTC