Singapore-based ride-hailing company Grab is weighing a spinoff of its payments ...
- Singapore-based ride-hailing company Grab is weighing a spinoff of its payments and financial services business, the Financial Times reported on Wednesday, citing executives and investors.
The startup may raise capital for the two businesses separately in order to spin off one or both of them at a later date, the paper said. Investors, including family offices and venture capital firms, have been approached about raising money for the company, the newspaper added. Details have yet to be worked out, the Financial Times noted, adding that one complicating factor is that Singapore regulators consider financial data to be sensitive and want to see local data stay within their jurisdiction.
Grab, which bought Uber Technologies Inc’s Southeast Asian business, said in April it was seeking to raise about $2 billion this year.Reporting by Akshay Balan in Bengaluru; editing by Gopakumar Warrier
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