Alibaba Group Holding Ltd targets Southeast Asia’s biggest ride-hailing firm Grab Holdings Inc to invest $3 billion.
The Chinese e-commerce giant will be the sole investor in the round of financing.
Accoridng to a source who wanted to remain anonymous, Alibaba will use part of the funds to acquire some of the Grab stock held by Uber Technologies.
Grab has an estimated valuation of $14 billion and counts SoftBank Group Corp as one of its backers. The company has expanded into financial services, food delivery and mobile payments over the last few years, even before the COVID-19 pandemic hurt its mainstay ride-hailing business.