Grab raises $750 million to take on Uber in Southeast Asia

By Aradhana Aravindan SINGAPORE (Reuters) – Grab, the biggest rival to ride-sharing service Uber Technologies Inc [UBER.UL] in Southeast Asia, has raised $750 million in a funding round, turning up the heat on the U.S. firm now seeking to expand in the region after exiting China. The successful cash-injection just a month after Indonesian peer Go-Jek raised $550 million highlights the intensifying competition in the region, as Uber shifts its focus following a deal to sell its China operations into Didi Chuxing. Four-year-old Grab said it planned to expand its services in Southeast Asia through the funding round, which was led by Japan's SoftBank Group with new and existing investors.

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