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Uber Rival In Talks For $2 Bln. In Funding

Grab-071417-lt.jpg

Grab, a Singapore-base ride-hailing company and considered to be Uber's biggest rival in Southeast Asia, is reportedly in talks to receive a funding of up to $2 billion from Japan's Softbank Group Corp. (SFTBY) and Chinese firm Didi.

According to the Wall Street Journal, the deal could be completed in the next few weeks and would give Grab a market valuation of over $5 billion, making it the region's most valuable startup.

Grab was launched in 2012 and operates in 65 cities across seven countries in Southeast Asia.

The funding comes at a time when Grab is trying to expand into consumer technology firm that also offers loans, electronic money transfer and money-market funds.

Southeast Asia's ride-hailing market could grow to $13.1 billion by 2025 from $2.5 billion in 2015, WSJ reports says, citing a study of Google and Singapore state-investment firm Temasek Holdings.Grab-071417.jpg

by RTT Staff Writer

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