Singapore: 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. More From Livemint »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 firm will be valued at more than $6 billion at the close of this round, according to a source close to company. 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. Tencent Holdings Ltd invested around $100 million to $150 million in Go-Jek, sources told Reuters earlier this month.

Source: Mint July 24, 2017 04:41 UTC