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07.14.17 | 11:20 am

Uber’s Southeast Asia rival Grab gets a big cash infusion

Singapore-based Grab, a taxi startup giving Uber a run for its money in Southeast Asia, is raising as much as $2 billion, reports the Wall Street Journal. The cash infusion comes from both SoftBank and Didi Chuxing, the Chinese ride-hailing company that ultimately beat Uber in China. Citing unnamed sources, the Journal says the deal may close next week and could value the company at something north of $5 billion. This could end up being another headache for Uber, which is trying to actively expand while facing increased scrutiny, working to rebuilt its company culture, and finding a new CEO. Yesterday, Uber said that it was merging its Russia operations with Russia-based Yandex rather than compete separately as the two companies had been doing. 

[Photo: Grab]

08.01.16 | 12:23 am

Report: Uber in China to merge with Didi, its main competitor, creating $35 billion behemoth

After spending billions of dollars in recent years to compete with each otherUber China is set to merge with Didi Chuxing, the biggest ride-hailing service in the country, creating a behemoth valued at $35 billion, sources tell Bloomberg

Investors in Uber China will reportedly receive a 20% stake in the combined company and Didi will make a $1 billion investment in Uber at a $68 billion valuation.

In a blog post obtained by Bloomberg, Uber CEO Travis Kalanick wrote:

As an entrepreneur, I've learned that being successful is about listening to your head as well as following your heart. Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there. Getting to profitability is the only way to build a sustainable business that can best serve Chinese riders, drivers and cities over the long term.

UPDATE: The news was confirmed this morning and Kalanick posted the email he sent to his China team in full on Facebook.