Tan is confident that the support from DiDi and SoftBank will help Grab become the market leader in the ride-sharing industry, and build Grabpay into becoming the main payment solution in the region.
Ride-hailing company Grab on Monday (Jul 24) announced up to US$2 billion (S$2.7 billion) will be raised from China's Didi Chuxing and Japan's SoftBank in its latest financing round.
Investors in Grab's previous fundraising include sovereign wealth fund China Investment Corp, hedge fund Coatue Management LLC, venture capital firm GGV Capital, and Vertex Ventures Holdings - a subsidiary of Singapore state investor Temasek Holdings (Pte) Ltd.
The company claims a 95 percent market share in third-party taxi hailing and 71 percent market share in private vehicle hailing in Southeast Asia.
Didi, also backed by SoftBank, is itself is part of a breed of Chinese tech giants hungry for growth overseas.
The new money will go toward cementing Grab's leading position in Southeast Asia and developing its proprietary mobile payment platform, called GrabPay. The bank also backed Grab's bid to raise at least $750 million in September to become the largest auto and motorbike hailing company in the region of Southeast Asia.
The record financing follows Uber's retreat from Russian Federation and China, massive markets where Uber spent billions but ultimately capitulated to well-financed and savvy local rivals. The ride-hailing app swallowed its rival, Uber China, a year ago and now dominates its home market.
"By deepening our strategic partnership, DiDi and Grab reaffirm our shared commitment to innovating localised solutions to global urban development challenges from the world's fastest growing marketplaces", said ChengWei, Founder and CEO of DiDi Chuxing.
Grab, which operates private auto, taxi, carpool, and motorcycle bookings across seven countries in the region, is aiming to challenge its competitor Uber. "SoftBank is excited to deepen this partnership and we look forward to continuing to support Grab's journey", said SoftBank Group Corp Chairman and CEO MasayoshiSon.
The news could hurt Uber's expansion in the region, as it's already failing to make much of an impact around Asia.
This means a whole lot of focus on the Indonesian market, with investments and acquisitions to facilitate ease in use of service, with offline payment start-up Kudo among their buys.
As previously reported, Bennington hanged himself at a private residence in the Palos Verdes Estates neighborhood of Los Angeles. Bennington had toured with Cornell and sang Leonard Cohen's classic "Hallelujah" at his funeral.
He said there was an "11% to 56% chance of clinically meaningful improvement" in muscular function with the proposed treatment. Mary MacLeod, chairman of Great Ormond Street Hospital , said; " Charlie Gard's case is a heart-breaking one".
The advanced technologies will eventually power cars, aircraft, consumer electronics and will store electricity from the grid. The competition is one of the first concrete moves to be confirmed as part of the government's flagship Industrial Strategy.
I like the golf course, it's very cool. "I hit it low off the heel, which is easy to do when you're trying to carve a cut". The key to his round came in the middle, starting with a 10-foot par putt on No. 8 after he drove into a pot bunker.
By contrast, the Red Crescent reported at least 450 Palestinians were wounded in the demonstrations, almost half from tear gas. Muslims around the world said the new measures aim to change the status quo - a delicate balance of prayer and visiting rights.
Elliott and the NFL Players Association recently responded to the league's findings from its investigation, according to NFL.com. "I found nothing (new) since we were standing here at this time a year ago ", Jones said.
Moore said this was a "pivotal" season, as Claire will be raising her daughter Brianna with Frank even though she loves Jamie. Oh! The lucky fans at the panel got the surprise of their lives when Moore showed Episode 3.1 "The Battle Joined".
President Donald Trump invited companies from all across America to the White House to participate in " Made in America Week". Eventually, Corning could invest up to $4 billion and hire up to 4,000 new employees, it said Thursday.
She is seeking compensation for Usher's alleged negligence and battery and for the emotional distress the situation caused her. The unidentified woman said she started suffering from fevers and vaginal sores before she was diagnosed with the infection.
The ministry blamed Israeli fire for a second shooting in the A-Tur area of east Jerusalem that left another Palestinian dead. Three Israelis having dinner in their West Bank home were murdered by a 19-year-old Palestinian wielding a knife Friday.
The air wing to support the Ford could add more personnel to the ship, which is created to house more than 4,600 crew members. He was followed by Susan Ford Bales, the ship's sponsor and daughter of the 38th president, whom the ship honours.
Former ISRO Chairman UR Rao dies at 85
Rao had been to his office in the Antariksh Bhavan earlier this month, ISRO officials said. Saddened by demise of renowned scientist Professor UR Rao, PM Modi tweeted this morning.
Southampton star says the club will welcome back van Dijk
Van Dijk made 21 Premier league appearances for Southampton last season, as well as featuring six times in the Europa League. If you are not 100% with the team I need to work with the players who are 1,000% to defend Southampton .
Mission Iraq: Where are the missing 39 Indians?
He also said that the Iraqi government had financial incentives for people who could help locate those 39 Indians. It has been three years since the Islamic State abducted 39 Indian labourers from Mosul city in Iraq.
Jordan shooting : Two killed, one wounded at Israeli embassy
Following the incident, Israeli police briefly shut down the al-Aqsa compound and canceled Muslim Friday prayers at the holy site. Israel's move triggered Muslim protests and claims that it's trying to expand its role at the site, which is also holy to Jews.
Cruz's 10th-inning single lifts Mariners past Yankees 6-5
It was a vintage performance by Hernandez, all the way down to the lack of run support a staple of his career with the Mariners. Rookie starter Trevor Williams (4-4) overcame a rough first to pitch 62/3 solid innings for his first win in more than a month.
Kuchar aiming to come of age at British Open
It could be ominous, then, that the first round of the event's 146th staging was dominated by three of Uncle Sam's boys. The 27-year-old was four under par through 13 holes before dropping a shot at the 16th.
Reliance, Wipro buoy markets
The BSE 30-share Sensex started settled up 124.49 points, or 0.39 per cent, at 32,028.89. European equity markets were trading higher in early afternoon trade.
Could a war break out between India and China - again?
It also snubbed her suggestion of a simultaneous withdrawal in the disputed region describing it as India's "fantasy". We want that if a dialogue is held, and if talks are to be held, then both the countries should withdraw their troops.