Uber Technologies Inc. is at risk of losing out on another big chunk of the global market.
Uber Technologies Inc. is at risk of losing out on another big chunk of the global market.
Grab, the leading provider of ride-hailing services in Southeast Asia, said Monday it raised $2 billion from SoftBank Group Corp. and China’s Didi Chuxing and expects to receive another $500 million from new and existing backers.
The money will help Grab, which already dominates the region, defend its turf against Uber in one of the San Francisco company’s most important global markets after retreats from China and Russia.
Uber’s rivals are piling on a company in crisis. While a series of scandals at Uber culminated in the ouster of Chief Executive Officer Travis Kalanick in June, its competitors in China, India, Brazil and Singapore have raised a total of about $9 billion to accelerate their expansions.
