In brief: Grab is close to raising $500m from SoftBank

SoftBank Group is nearing a deal to invest about US$500 million in Grab as part of roughly US$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 US$6 billion in total funding, led by SoftBank, Chinese ride-hailing firm Didi Chuxing, and Toyota Motor.

Source: Reuters

The capital would be a boon to Grab as it seeks to expand its presence in verticals beyond ride-hailing, including financial services and on-demand services. Archrival Go-Jek is said to be close to closing US$2 billion in funding to fuel its own regional expansion plans.

Japan’s SoftBank first backed Grab in 2014, acquiring a stake in the Singapore-based company worth US$250 million. SoftBank is also an investor in other ride-hailing firms including the US firm Uber, India’s Ola, and fellow Grab backer Didi.

Grab was valued at around US$11 billion after its most recent funding round.