Technology

Alibaba In Talks To Invest $3 Billion In Grab - Bloomberg News

Alibaba In Talks To Invest $3 Billion In Grab - Bloomberg News

Alibaba Group Holding Ltd is in talks to invest $3 billion into Southeast Asia’s biggest ride-hailing firm Grab Holdings Inc, Bloomberg News reported https://www.bloomberg.com/news/articles/2020-09-14/alibaba-in-talks-to-invest-3-billion-in-grab-ride-hailing-giant?sref=SCAzRb9t on Monday, citing people familiar with the matter.

Grab declined to comment, while Alibaba was not immediately available to respond to a Reuters request for comment.

The company, which has an estimated valuation of $14 billion and counts SoftBank Group Corp as one of its backers, expanded into financial services, food delivery and mobile payments over the last few years, even before the COVID-19 pandemic hurt its mainstay ride-hailing business.

In June, Grab announced a 5% reduction in staff numbers as it cut costs amid slower growth.