Uber’s arch-rival, is reported to have raised USD2 billion from Japanese telecom and tech investor, Softbank and China’s Didi.
According to the Wall Street Journal report earlier today, the deal now values Grab at USD5 billion.
Neither Grab, Softbank nor Didi has commented on the matter. Grab operates in 55 cities across seven countries. Last year, the company raised USD750 million in a deal that valued the company at USD3 billion.
The fundraising is coming around the time when Uber, the market’s biggest competitor is facing image crises with the exit of its chief executive, Travis Kalanick over sexual harassment.
Uber is present in Nigeria, alongside Taxify and Smart. Both Uber and Taxify are focusing most of their resources on Lagos, Nigeria’s commercial capital where close to 97% of all commuting in the city of 22 million people are done by road.