VTC : Grab, a competitor of Uber, will raise $ 2.5 billion

The society of passenger cars with driver (VTC) of South-East Asia, “Grab”, has the intention of obtaining $ 2.5 billion (2.15 billion euros) during a fund-raiser. The objective is to strengthen its domination in the face of Uber in the region and develop its financial platform.

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The group, based in Singapore, offers private cars, taxis, motorcycles and services carpool in 7 countries and 65 cities of South-East Asia – a region whose population is estimated at 650 million people. But it also offers microfinance services allowing drivers to purchase a phone, and helping two-thirds of them to open their first bank account. Services that the company wishes to develop.

Didi and SoftBank, investors

The chinese Didi Chuxing, which also specialises in the VTC, and the japanese SoftBank, who are investors to Grab, will contribute to the tune of 2 billion dollars during this round table (1.7 billion euros), accurate Grab in a press release. $ 500 million (€430 million) should be raised from other investors.

“We are pleased to deepen our strategic partnership with Didi and SoftBank,” said Anthony Tan, boss and co-founder of Grab, a company based in Singapore. And to add :

“With their support, Grab will reach a market share decisively on the segment of the VTC, and rely on it to make GrabPay a payment method of choice for the South-East Asia.”

The group hopes to raise an additional $ 500 million, which will bring its lifted to $ 5.5 billion. It will be the largest amount raised in a time in Southeast Asia during a round table financial. Has its outcome, “Grab” will be valued over $ 6 billion, said a source close to the company.

(with agencies)

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