Uber Rival Grab to Hire Deal Maker From SoftBank

JAKARTA, Indonesia—Uber Technologies Inc.'s chief rival in Southeast Asia is hiring a high-profile deal maker from Japan's SoftBank Group Corp. to become its new president, according to people familiar with the situation.

Ming Maa will take up the new role at Singapore-based ride-hailing app GrabTaxi Holdings Pte., or Grab, to help guide the company's strategy for tapping new markets and guide its fundraising and investment efforts, the people said. He will report directly to Grab co-founder and Chief Executive Anthony Tan.

SoftBank led a $750 million funding round for Grab in September as the Southeast Asia startup gears up for greater competition across Southeast Asia.

Uber's recent merger of its China operations with China's homegrown ride-hailing champion Didi Chuxing Technology Co. has given it more resources to direct to the region. Grab also faces competition in Indonesia from ride-hailing app PT Go-Jek Indonesia, which is backed by a KKR & Co.

Mr. Maa brings extensive experience investing in ride-hailing apps and e-commerce businesses during his more than two-year stint at SoftBank. He previously worked in the merchant banking division of Goldman Sachs Group Inc., where he helped lead a buyout of Universal Studios Japan.

Mr. Maa's appointment could be announced as early as Friday, one of the people said.

Grab's latest fundraising round hangs a valuation of more than $3 billion on the company, according to a person familiar with the situation. The company plans to invest significantly in GrabPay, its mobile-payments platform.

Grab boasts up to 1.5 million bookings a day and over 400,000 drivers across Southeast Asia, which is home to more than 600 million people. It offers car- and motorcycle-hailing services, small cargo and food delivery and also helps arrange carpooling in 31 cities in Indonesia, Singapore, Malaysia, Thailand, Vietnam, and the Philippines.

Write to Resty Woro Yuniar at [e-mail]

(END) Dow Jones Newswires

October 13, 2016 08:35 ET (12:35 GMT)

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