Uber Rival Grab to Hire Deal Maker From SoftBank
October 13 2016 - 8:50AM
Dow Jones News
JAKARTA, Indonesia—Uber Technologies Inc.'s chief rival in
Southeast Asia is hiring a high-profile deal maker from Japan's
SoftBank Group Corp. to become its new president, according to
people familiar with the situation.
Ming Maa will take up the new role at Singapore-based
ride-hailing app GrabTaxi Holdings Pte., or Grab, to help guide the
company's strategy for tapping new markets and guide its
fundraising and investment efforts, the people said. He will report
directly to Grab co-founder and Chief Executive Anthony Tan.
SoftBank led a $750 million funding round for Grab in September
as the Southeast Asia startup gears up for greater competition
across Southeast Asia.
Uber's recent merger of its China operations with China's
homegrown ride-hailing champion Didi Chuxing Technology Co. has
given it more resources to direct to the region. Grab also faces
competition in Indonesia from ride-hailing app PT Go-Jek Indonesia,
which is backed by a KKR & Co.
Mr. Maa brings extensive experience investing in ride-hailing
apps and e-commerce businesses during his more than two-year stint
at SoftBank. He previously worked in the merchant banking division
of Goldman Sachs Group Inc., where he helped lead a buyout of
Universal Studios Japan.
Mr. Maa's appointment could be announced as early as Friday, one
of the people said.
Grab's latest fundraising round hangs a valuation of more than
$3 billion on the company, according to a person familiar with the
situation. The company plans to invest significantly in GrabPay,
its mobile-payments platform.
Grab boasts up to 1.5 million bookings a day and over 400,000
drivers across Southeast Asia, which is home to more than 600
million people. It offers car- and motorcycle-hailing services,
small cargo and food delivery and also helps arrange carpooling in
31 cities in Indonesia, Singapore, Malaysia, Thailand, Vietnam, and
the Philippines.
Write to Resty Woro Yuniar at restyworo.yuniar@wsj.com
(END) Dow Jones Newswires
October 13, 2016 08:35 ET (12:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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