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Uber’s Ambitions Just Received Another Blow From Grab and Didi Chuxing

July 24, 2017

Via: Fortune
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After retreating from China and Russia, Uber (UBER) is facing yet another challenge to its global expansion.

On Monday, its former Chinese rival Didi Chuxing and Softbank (SBHGF, -3.52%)officially announced that they had invested a further $2 billion in Uber’s largest rival in Southeast Asia: Singapore-based ride-hailing app, Grab (GRABTAXI).

The increased funding from both Didi and Softbank is yet another sign of confidence in Grab’s goal of defeating Uber in Southeast Asia.

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