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.