JAKARTA/SINGAPORE: SoftBank Group Corp is nearing a deal to invest about $500 million in Grab as part of roughly $1 billion that Southeast Asia’s biggest ride-hailing firm is seeking in its latest funding, sources with knowledge of the matter said.
Six-year-old Grab has garnered more than $6 billion in total funding, led by SoftBank, Chinese ride-hailing firm Didi Chuxing and Toyota Motor Corp. After its last funding a few months ago, Grab was valued at around $11 billion.
SoftBank first bought a stake worth $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. — Reuters
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