SINGAPORE: SoftBank Group Corp is nearing a deal to invest US$1.5bil in Grab, three times a previously expected US$500mil, as Southeast Asia’s biggest ride-hailing firm looks to expand, a person with knowledge of the matter said. Six-year old Grab has so far raised over US$6.5bil, led by SoftBank, Chinese ride-hailing firm Didi Chuxing and Toyota Motor Corp. After a fund raising in August, Grab was valued at around US$11bil. SoftBank first bought a stake worth US$250mil in Grab in 2014 just as Grab began competing with Uber Technologies in Southeast Asia. Its latest funding in the ride-hailing firm will be made from its Vision Fund, which after raising more than $93bil last year is the world’s largest private-equity fund. SoftBank is expected to finalise its investment in Grab this month and an announcement is likely next month, said the source, declining to be identified as the information is not public.

Source: The Star December 21, 2018 11:03 UTC