SoftBank is said to invest $2 billion in ride-hailing firm Grab

on Jul29
by | Comments Off on SoftBank is said to invest $2 billion in ride-hailing firm Grab |

Anthony Tan, co-founder and chief executive officer of Grab, poses for a photograph in Singapore, on Monday, July 9, 2018.

Bloomberg | Getty Images

SoftBank Group CEO Masayoshi Son said Monday the Japanese conglomerate will invest $2 billion in ride-hailing giant Grab, Reuters reported.

It will also help the Southeast Asian technology start-up build a second headquarters in Jakarta, Indonesia, according to the news wire.

SoftBank and Grab did not immediately respond to CNBC’s requests for comments.

In March, Grab said it had secured $1.46 billion in fresh funds from the SoftBank Vision Fund as part of an ongoing funding round, with investments from car makers Toyota and Hyundai Motor, as well as tech giant Microsoft, China’s Ping An Capital and U.S.-based asset management company OppenheimerFunds.

It wasn’t immediately clear if the latest $2 billion investment was part of the previous sum announced in March.

Grab said in June it had secured $300 million from investment management company Invesco.

The startup, which is valued at $14 billion, plans to raise around $6.5 billion in total capital by the end of the year.

It started out with ride-hailing, but over time, Grab introduced other services including food and grocery delivery, mobile payment, and micro-lending to the unbanked or underbanked in Southeast Asia.

Grab executives have previously spoken about the importance of the Indonesian market to the company.

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