Alibaba Wants To Invest $3 Billion In The Grab Taxi Service
The largest Chinese Internet company Alibaba Group Holding Ltd. is in talks to invest $3 billion in Asian taxi service Grab Holdings, Bloomberg reports
, citing sources familiar with the negotiations.
According to one of the sources, part of the funds will be used to buy part of Grab shares from Uber Technologies. According to the latest estimates given by the Agency, the cost of Grab was estimated at $14 billion.
"The largest Chinese Corporation previously had limited passenger transportation capabilities, but a potential deal with Grab will give it access to the data of millions of users in eight countries, to a growing delivery fleet...," the Agency explains.
Asian taxi service Grab provides services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia founded in 2012.
Alibaba Group has been working in e-Commerce since 1999. The group owns several subsidiaries and online platforms-Alibaba Pictures, Alibaba.com, AliExpress.com, Taobao.com, Tmall.com.