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Southeast Asian Ride-Hailing, Mobile Leader Grab Raises $750M Led by SoftBank

Southeast Asian Ride-Hailing, Mobile Leader Grab Raises $750M Led by SoftBank

Forbes, with an estimated net worth of US$14.9 billion. In July, SoftBank agreed to acquire UK-based ARM Holdings plc (LSE: ARM; NASDAQ: ARMH), whose microchips are used in more than 95% of all smartphones, for $32 billion in cash. Grab operates the largest transportation network in Southeast Asia and is one of the most frequently used mobile platforms in the region with up to 1.5 million daily bookings. the company offers private car, motorbike, taxi, and carpooling services across 6 countries and 31 cities in Southeast Asia, with 1 out of every 4 passengers using multiple services. “Our vision is to drive Southeast Asia transportation forward and transform the region’s mobile internet ecosystem. This latest funding, the largest in the history of Southeast Asia consumer technology, strengthens our ability to pursue those long-term goals as we continue to build on our market leadership,” said Grab CEO & co-founder Anthony Tan. Grab plans to continue expanding its transportation services in Southeast Asia, home to 620 million people, and a rising population of middle class and mobile users, especially in Indonesia. Grab also plans to significantly invest in mobile payments capabilities, to enable a seamless daily transaction experience in a region with low banking and credit card penetration and limited cashless payment options. Indonesia is Southeast Asia’s largest market with 250 million people, over a third of the region’s population. Grab will further expand the diversity, density and efficiency of its services in Jakarta, a congested city with 30 million people, where it believes its GrabCar, GrabBike, GrabTaxi and GrabFood services are relevant and transformative. In Indonesia, its GrabCar and GrabBike services grew 250x in one year as of the end of 1H2016, and continue to grow exponentially, the company said. Grab said it will also continue to invest in data science and machine learning capabilities to support its growth and enable services like predictive demand, and driver and user targeting. Grab continues to hire “top international talent in its R&D centers in Singapore, Beijing and Seattle,” developing “innovative features like Flash that pools cars and taxis,” improving “back-end routing capabilities,” and building a proprietary “POI mapping database.” The move comes less than two months after China’s ride-sharing leader Didi Chuxing agreed to acquire all assets of UberChina, including its brand, business operations and data within mainland China in a deal valued at $35 billion. A few days later in August, Go-Jek, Indonesia’s leading ride-hailing motorcycle taxi mobile app startup, raised over $550 million in growth equity funding led by global investment firms KKR & Co. (NYSE: KKR), Warburg Pincus, Farallon Capital and Capital Group Private Markets, as well as existing shareholders and other international investors. Previous investors in Go-Jek include Sequoia India, Northstar Group, DST Global, NSI Ventures, Rakuten Ventures and Formation Group. In June, Uber raised $3.5 billion from Saudi Arabia’s Public Investment Fund (PIF) in the largest funding it ever raised from a single investor, as part of a $5 billion funding round that valued the company at $68 billion, turning Uber into the world’s most highly valued startup. A month ago, in a strategic shift focusing on autonomous vehicles,, Uber acquired self-driving trucks startup Otto, in a deal reportedly valued at $700 million. Uber also said it made a partnership deal with Swedish carmaker Volvo, “a leader when it comes to safety.” In late August, Uber followed with the launch of an experimental driver-less car-hailing program in downtown Pittsburgh, Pennsylvania, home to Carnegie Mellon University’s robotics department, crossing an important milestone that no automotive or technology company had yet achieved, Photo: Masayoshi Son, Chairman and CEO of SoftBank.]]>

News Corp's Subsidiary REA in $536M Bid for Malaysia's iProperty

News Corp's Subsidiary REA in $536M Bid for Malaysia's iProperty

rich-lister Patrick Grove’s iProperty. REA is offering iProperty shareholders a cash consideration of A$4.00 per share, for the remainder of the shares it doesn’t already own. As an alternative, iProperty shareholders will also be able to elect Mixed Consideration comprising of A$1.20 in cash and 0.7 shares in a newly formed, unlisted public company, which will own an indirect interest in iProperty. The target company’s board of directors has recommended the deal to its shareholders. REA will fund the acquisition primarily from new debt facilities totaling A$480 million, with the remainder from existing cash reserves. The acquisition is expected to be completed during the first-quarter of 2016 subject to customary conditions. REA Group said Southeast Asia had strong population and gross domestic product growth and the real estate market was expected to continue to grow as buyers and sellers move to online advertising. “The acquisition of iProperty is the logical extension of REA’s market leading business in Australia and marks the next step in its strategy to pursue strategically sound expansion into attractive markets,” said REA Group CEO Tracey Fellows. She said iProperty would provide the group with exposure to new geographies as it continued to expand into Asia and beyond. “The deal will boost the wealth of BRW Young Rich member Mr. Grove, who controls 17 per cent of iProperty through his Catcha Media Group,” said the Sydney Morning Herald. “The Catcha stake is worth $128 million at REA’s bid price. Mr. Grove has established a swathe of Asian focused web companies including video streaming site iFlix and car sales portal iCar Asia. The 40-year-old was ranked 10th on the most recent Young Rich list with wealth of $364 million,” it added. iProperty Group, founded in 2007, and headquartered in Kuala Lumpur, Malaysia, owns leading property websites in Hong Kong, Malaysia, Thailand and Indonesia. REA Group, headquartered in Melbourne, Australia, is a digital advertising company that operates Australia’s leading property websites and real estate websites in Europe, Asia and the US.]]>