The Vision Fund of Japan’s SoftBank may be looking to invest up to $1.5 billion in South East Asian ride-hailing company Grab, almost thrice the amount as what was previously expected. Grab is one of the biggest players in the region and recent reports had suggested that SoftBank could invest around $500 million in the company through its Vision Fund.
Grab has only been around for six years and has raised over $6.5 billion from major investors which include Toyota, Chinese ride-hailing giant Didi Chuxing, and SoftBank. The company was valued at $11 billion after a fundraising in August.
The fact that it bought out Uber’s business in the region not too long ago goes to show that it’s serious about maintaining its dominance in the market. It’s now looking to expand even further and the additional investment from SoftBank will certainly come in handy.
SoftBank first acquired a stake in Grab with a $250 million investment in 2014 when it had just begun competing with Uber in the region. In a few short years, it was effectively able to drive Uber out of the market.
Its latest investment into the company may be worth $1.5 billion if a recent report is to be believed. The company is expected to finalize the investment this month with an announcement being made in January.