By Jon Russell
Fresh from announcing a deal to buy out Uber in Southeast Asia, Grab looks set to gain further firepower with Chinese e-commerce giant Alibaba preparing to invest in the ride-hailing firm.
Alibaba is in the early stages of making an investment in Grab, two sources with knowledge of discussions told TechCrunch. Isn’t yet clear what size that might be or at what valuation for Grab, which was last valued by investors at $6 billion.
In addition, the timing is unclear due to current anti-trust investigations into the Grab-Uber deal. The Competition Commission of Singapore has said there are grounds to believe the merger may violate the law, while other countries are looking into its implications. But still, there is intent from both sides and key investor SoftBank to make the deal.
Grab declined to comment for this story. An Alibaba spokesperson said the company “doesn’t confirm on market rumors.”
Alibaba and Grab first held talks over an investment last summer but a deal never materialized after the Chinese firm became pre-occupied chasing an investment in Tokopedia, the Indonesia-based e-commerce unicorn. That deal was prioritized …read more
Source: Tech Crunch