Didi pumps mega money into regional Uber rival Grab

Didi Chuxing, China's biggest ride-hailing company, announced on Monday that it will cooperate with Japanese telecom company Soft-Bank Group Corp to invest $2 billion in Grab, Uber Technologies Inc's biggest rival in Southeast Asia.

The deal - Didi's latest push to expand its overseas influence - is expected to help Grab grow local market share, while Uber is facing a bunch of challenges in the United States, including accusations of a sexist work culture as well as driver protests.

Anthony Tan, Group CEO and co-founder of Grab, said the new capital would also be used to accelerate the application of its GrabPay mobile payment service in Southeast Asia.