While Uber Technologies Inc. is caught in intense competition with local ride-hailing services in China and India, a Singapore-based startup is fast expanding its reach in Southeast Asia, the Wall Street Journal reports.
GrabTaxi Holdings Pte Ltd. has surpassed Uber in the number of cities it serves in the region, which is home to 600 million people, almost double the population of the United States, the newspaper said.
Southeast Asia’s ride-hailing market is expected to grow more than five times to US$13.1 billion by 2025 from US$2.5 billion last year, the Journal said, citing a recent report by Alphabet Inc.’s Google and Singapore state investment firm Temasek Holdings.
Launched in 2012, Grab is now valued at US$1.6 billion and has expanded to 1,600 employees.
It operates in 30 Southeast Asian cities, twice as many as Uber, in six countries.
Still, Grab is on an uphill struggle against Uber, a global powerhouse valued at close to US$68 billion, the newspaper said.
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