SoftBank nearing deal to invest US$500m in Grab, say sources
JAKARTA/SINGAPORE: SoftBank Group Corp is nearing a deal to invest about US$500 million (RM2.08 billion) in Grab as part of roughly US$1 billion that Southeast Asia’s biggest ridehailing firm is seeking in its latest funding, said sources.
Six-year-old Grab has garnered more than US$6 billion in total funding, led by SoftBank, Chi nese ride-hailing firm Didi Chuxing and Toyota Motor Corp. After its last funding a few months ago, Grab was valued at around US$11 billion.
SoftBank first bought a stake worth US$250 million in Grab in 2014 just as the two-year-old startup began competing with Uber Technologies in Southeast Asia.
Toyota and financial firms led the fundings earlier this year.
Singapore-headquartered Grab acquired Uber’s Southeast Asian business this year in exchange for a stake in itself and has since expanded its operations rapidly.
The firm is looking to transform itself into a leading consumer technology group, offering, besides ride-hailing, services such as food delivery, electronic money transfers and mobile payments in one of the world’s fastest-growing markets.