Media: Alibaba and SoftBank plan to invest $1.5 billion to rival Uber

© AFP 2017 / StringerШтаб of Alibaba in Hangzhou, China. Archival photoMedia: Alibaba and SoftBank plan to invest $1.5 billion to rival Uber© AFP 2017 / Stringer

China’s biggest Internet company Alibaba and Japanese Telecom Softbank plan to invest $ 1.5 billion in startup Grab, which is considered a rival taxi service Uber Technologies Inc. in Southeast Asia, reports Bloomberg, citing familiar with the situation sources.

«The head of the largest Chinese Internet company Alibaba Group Holding Ltd Jack MA and CEO of SoftBank Group Masayoshi Dream (Masayoshi Son) will combine to invest $ 1.5 billion in service on call taxi Grab», — writes the Agency.

According to sources, SoftBank previously invested $ 1.5 billion in Singapore Grab. Representatives of Alibaba and Grab declined to comment to the Agency.

It is also noted that Grab is already working with a «daughter» to Alibaba, the operator of the payment system of Ant Financial Services. So, customers Grab can pay through the Alipay app for travel.

Japanese SoftBank, founded in Tokyo in 1981, is the third largest mobile operator in the country. Under the brand SoftBank has more than 600 companies in the Telecom market. The company is the largest shareholder of Alibaba since 2000.

Alibaba, specialized on e-Commerce, was founded by Jack MA in 1999. Its users affordable service that combines the separate functions of eBay, Amazon and PayPal. In addition to online retailers, the company develops payment system Alipay.