Grab News
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According to Grab CEO Anthony Tan, the move is to manage costs and remain competitive in a challenging business environment, reports Nikkei Asia.
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The investment will go toward creating a next-generation transportation network and transforming how critical services, like healthcare, are delivered, Grab said in a statement.
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Grab, known as the Uber of Southeast Asia, was valued at around $11 billion at its last funding round in August.
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Grab has long been the dominant force in ride-hailing in Southeast Asia and speculation mounted that a deal with Uber was on the cards after Japanese financial titan Softbank invested huge sums in the US firm.
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Grab expects to raise an additional $500 million, bringing the total to $2.5 billion in this round, which it said would be the largest-ever single financing in Southeast Asia.
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Users of ride-hailing firm Grab will be able to book driverless cars from Friday as it partners with a start-up testing the technology in Singapore, just days after rival Uber debuted its self-driving vehicles in the United States.
Zomato is also set to launch online ordering service in Dubai, Australia and South Africa later this month.
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