Woman using the Grab app on an iPhone in Ho Chi Minh City, Vietnam. Photo: Godong/UIG via Getty Images
Microsoft is investing an undisclosed amount in Southeast Asian ride-hailing company Grab as part of a deal that includes the latter's move to Microsoft's Azure cloud services and collaboration on new technology.
Why it matters: Grab is on track to raise several billions of dollars this year, including $1 billion from Toyota and a reported $500 million from SoftBank. Grab's partnership with Microsoft is also sure to help the company with its ambitions to provide payment services and other online products to its customers.
Correction: The story has been corrected to remove a reference to the FT's report of $200 million as sources have disputed the figure.