As Uber Technologies Inc. turns away from China, a competitor is raising funds to cement its dominance in Southeast Asia and fend off the tech titan based in San Francisco. Uber’s decision to sell its China business to Didi Chuxing Technology Co. is giving Singapore-based Grab renewed confidence it can take on Uber and win on its home turf. Grab says it has captured much of Southeast Asia’s ride-hailing market with more than half of private-car rides in the region. ...
The acquisition of Uber China by Didi Chuxing has encouraged rival Grab to raise $1bn in fresh capital from investors, such as Japan’s SoftBank and Didi. The company aims to further establish itself in South East Asia’s ride-hailing industry, set to increase by over 500% to $13.1bn by 2025.