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Sharing Economy

Grab taps Ping An, Naver in fresh $1bn funding

Ride-hailing app secures further investment to counter regional rivals

Go-Jek and Grab riders are seen in Jakarta. (Photo by Takaki Kashiwabara)

SINGAPORE -- Ride-hailing app Grab on Thursday said it has raised an additional $1 billion from venture capital groups including units of China's Ping An Insurance Group and South Korea's internet giant Naver, in a bid to tackle unfinished challenges after its acquisition of Uber Technologies' regional business.

The new investment comes after June's $1 billion investment from Toyota Motor. Grab's latest round of fund raising has reached a total $2 billion, the Singapore-based company said.

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