China’s e-commerce giant, Alibaba Group, is considering a $3 billion investment in Grab, the No. 1 ride-hailing app and food delivery service in Southeast Asia, according to Bloomberg.
The investment will be one of Alibaba’s biggest bets in the region since 2016 when it first invested in local e-commerce site Lazada, according to the report.
Grab is locked in a costly battle for market share with its other competitor, Gojek. The Information first reported in February that the two rivals were in merger talks.
Grab is trying to expand into other services including online payments as its business struggles with the impact of the coronavirus pandemic.
Source: theinformation
