Alibaba is reportedly in talks to invest $ 3 billion ($ 4.1 billion) in Southeast Asian giant Grab Holdings. This is one-fifth of Grab & # 39; s last known valuation of $ 14 billion (S $ 19.1 billion).
The e-commerce giant will acquire a percentage of the Grab shares held by Uber Technologies.
The Chinese giant's takeover of Grab gives him access to data from millions of users in eight countries, an extensive delivery fleet, and e-wallet and financial services.
The deal comes amid Grab & # 39; s "long winter" when Covid-19 turns the hail giant's interview upside down, co-founder Tan Hooi Ling said earlier this year.
CEO Anthony Tan also stated that the pandemic is the unicorn's biggest crisis.
Uber and Grab, the world's largest hailship companies, reached a ceasefire agreement to stay out of each other's markets after years of costly fighting.
In 2018, Uber received a 23.2% stake in Grab; That means Grab will be on the hook for roughly $ 2 billion (S $ 2.7 billion) if it doesn't go public by 2023.
SoftBank Group Corp is using its position as a major shareholder to urge Uber to discharge its stake in Grab.
SoftBank, an investor in all of the world's largest hail-fighting firms, is also pushing Grab to make peace with Gojek, the Indonesian unicorn who has quickly become one of its biggest rivals.
Both Grab and GoJek seek a majority stake in the merged business in Indonesia, the largest and most promising market in Southeast Asia.
Selected Photo Credits: Grab Facebook / Time