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Uber’s Southeast Asia rival Grab gets a big cash infusion

Singapore-based Grab, a taxi startup giving Uber a run for its money in Southeast Asia, is raising as much as $2 billion, reports the Wall Street Journal. The cash infusion comes from both SoftBank and Didi Chuxing, the Chinese ride-hailing company that ultimately beat Uber in China. Citing unnamed sources, the Journal says the deal may close next week and could value the company at something north of $5 billion. This could end up being another headache for Uber, which is trying to actively expand while facing increased scrutiny, working to rebuilt its company culture, and finding a new CEO. Yesterday, Uber said that it was merging its Russia operations with Russia-based Yandex rather than compete separately as the two companies had been doing. 

[Photo: Grab]CGW