Alibaba in talks to invest in Grab holdings

Alibaba Group Holding Ltd is in talks to infuse $3 billion in Southeast Asia’s greatest ride-hailing firm Grab Holdings Inc, Bloomberg News wrote, referring to individuals acquainted with the issue.

The Chinese conglomerate will be the sole financial specialist in the funding round and will spend a segment of the assets to obtain a portion of the Grab stock held by Uber Technologies Inc, the Bloomberg report included.

Grab declined to remark, while Alibaba and Uber were not quickly accessible to react to a Reuters demand for input. Uber, which gave up its Southeast Asian tasks to Grab in March 2018, took a 27.5% stake in Grab’s business.

In April, Uber said it expects an impairment charge up to $2.2 billion, including that the charge would be against the conveying estimation of a portion of the organization’s minority value ventures, because of the effect of the pandemic on the assessed estimation of those elements.

Grab, which has an expected valuation of $14 billion and considers SoftBank Group Corp one of its benefactors, ventured into money related administrations, food conveyance, and mobile payments throughout the most recent couple of years, even before the COVID-19 pandemic hurt its pillar ride-hailing business.