Grab is the latest recipient of an investment from the SoftBank Vision Fund, securing $1.46bn in capital and bringing the total financing gained in its current Series H round to more than $4.5bn. Other investors in the round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor.
The ride-hailing firm plans to use the investment to push forward with is aim of creating a ‘super app’ that offers everything the consumer needs in a single location. As part of this, it will look to expand its verticals – such as financial services, food delivery, parcel delivery, content and digital payments – and roll out new services like on-demand video, digital healthcare, insurance, and hotel bookings. A ‘significant portion’ of the SoftBank funding will be invested in Indonesia.
“SoftBank and the Vision Fund are long-standing strategic investors and we are grateful for their continued support,” said Anthony Tan, co-founder and CEO of Grab. “The investment is a clear statement of belief in our vision to grow Southeast Asia’s technology ecosystem as the region’s Number 1 super app. Looking ahead, we aim to continue improving the lives of many millions of Southeast Asians by providing enhanced income opportunities through our platform, and giving our users more choice and convenience.”