South-East Asian ride-hailing firm Grab said it raised US$750 million in a funding round led by investor SoftBank Group, adding that it would continue expanding in the region and also significantly invest in mobile payments capabilities.

South-East Asia is fast becoming a key battleground for ride-hailing firms thanks to a burgeoning middle class as well as a youthful, Internet-savvy demographic.

Grab’s announcement comes a few weeks after Uber sold its China operations to bigger domestic rival Didi and analysts have said Uber may focus its efforts and money elsewhere, such as in South-East Asia.

- Reuters