Аlibaba will be funded competitor Uber

Alibaba hopes to compete for the market with Uber in Southeast Asia

The total investment in the new taxi service Grab will be $1.5 billion.

Chinese Internet company Alibaba Group and Japanese company SoftBank will invest $1.5 billion in new taxi service Grab in Singapore. This was a deal Alibaba founder Jack MA and the head of SoftBank Masayoshi Sleep, reports Bloomberg, citing sources.

It is alleged that the deposited amount of investment will allow the new taxi service to compete with Uber in the market for such services in South-East Asia.

In addition, the consortium of investors may join another similar Chinese service – Didi Chuxing.

Representatives of Alibaba, and Didi Chuxing Grab declined to comment.

As reported Корреспондент.neton June 9, Jack MA increased by $2.8 billion to $41.8 billion of This was due to the growth of Alibaba Group shares by 13% on strong sales forecast. As a result, total capitalization of the company increased by $42 billion.

The head of Uber has retired indefinitely