Grab, a cab-hailing and mobile payments platform in Southeast Asia, has announced that Didi Chuxing and SoftBank Group will invest up to US$2 billion to lead Grab’s current financing round.

Grab anticipates that it will raise an additional US$500 million, bringing the total to US$2.5 billion in this round from existing and new investors. Grab says that the financing is to support its efforts in strengthening its dominant market position in on-demand transportation and payments in Southeast Asia.

Cheng Wei, founder and CEO of DiDi, says, “Starting with transport, Grab is establishing a clear leadership in Southeast Asia’s internet economy based on its market position, superior technology, and truly local insight. By deepening our strategic partnership, DiDi and Grab reaffirm our shared commitment to innovating localized solutions to global urban development challenges from the world’s fastest growing marketplaces.”

China Renaissance Group (CR Group) served as financial advisor to Grab. Fan Bao, chairman and CEO of CR Group, says, “In only five years, Grab has become the largest on-demand transportation and mobile payments platform in Southeast Asia based on the strength of its technology and strategic planning. We are excited to be part of the ride as Grab continues their trailblazing path.”

Photo: Grab.com