24.07.201700:50:00UTC+00Grab Secures $2.5 Billion in Latest Fundraising

Southeast Asian ride-hailing firm Grab has raised a total of $2.5 billion from investors including Chinese peer Didi Chuxing and Japan's SoftBank, marking the biggest funding in a tech startup in Southeast Asia in history.

The fundraising will improve Grab's position as the top ride-hailing firm in the fast-expanding region with a population of over 600 million and solidify its lead over its rival Uber.

The current shareholders Didi and SoftBank has injected another $2 billion into Grab, while the Singapore-based firm has raised another $500 million from other new and existing investors, according to the company's statement released on Monday.

The latest funding round gives the company, which was established in 2012 by Anthony Tan and Tan Hooi Ling, a market cap of over $6 billion according to a source.

Grab has a market share of 95 percent in third-party taxi hailing and 71 percent in private ride hailing in the Southeast asia region, with almost 3 million daily rides.

It said it would utilize the new funds to strengthen its position in the ride-hailing market and finance its new mobile payments platform, GrabPay.