Grab, Uber’s primary rival in Southeast Asia, has made a transfer into dock-less motorcycles after the corporate quietly backed oBike.
Singapore-based Grab invested in oBike — which was once began in Singapore through Chinese founders and is found in 30 towns — as a part of a $45 million Series B spherical that was once introduced in August, a supply with wisdom of the deal advised TechCrunch. Grab’s title was once no longer publicly introduced on the time.
oBike in the past declined to show the overall spectrum of traders within the Series A deal. The corporate didn’t reply to a recent request for affirmation on Grab’s involvement.
A Grab spokesperson declined to remark when contacted for affirmation of its funding in oBike.
While this deal isn’t as vital as Grab’s contemporary $80-$100 million acquisition of Indonesia-based startup Kudos, which helps it construct out its GrabPay monetary products and services platform, it does deliver intrigue.
That’s essentially as a result of oBike competes without delay with Ofo, a multi-billion buck China-based startup this is backed through Didi Chuxing amongst others. Didi is, in fact, a long-term investor in Grab itself which throws up some fascinating dynamics.
That’s simply some other wrinkle in an business that already contains a variety of sophisticated relationships. Didi is an investor in Uber — by way of its acquisition of the Uber China industry — whilst SoftBank, some other unswerving Grab backer which lately invested $2 billion along Didi, is claimed to be closed to touchdown an funding in Uber.
It isn’t transparent what Grab’s instant purpose from the oBike funding is. Didi built-in Ofo’s bike service into its primary app previous this yr, so it might be that Grab follows go well with in Singapore. It might also use its industry throughout 8 markets in Southeast Asia to lend a hand oBike amplify its presence within the area.