Southeast Asia’s Grab might be in for more funding: SoftBank’s Vision Fund may invest $1 billion in the ride-hailing company, according to The Telegraph, and is reportedly nearing a deal. Grab has notched $2.7 billion in funding this year alone and has raised more than $6 billion overall.
SoftBank is no stranger to Grab: The firm made a $250 million investment in the firm four years ago. It was previously believed that SoftBank’s Vision Fund was gearing up to invest another $500 million in the company. (Sources have since told Reuters that the company plans to invest two times that much at a minimum.) Aside from SoftBank, Microsoft, Toyota and Didi Chuxing serve as the company’s main backers.
As it stands, Grab, which launched in 2012, has operations in areas like Thailand, Vietnam and Malaysia. According to the report, Grab is “keen to continue its expansion across southeast Asia.” A Temasek and Google joint report found that that the region’s internet economy could be worth $240 billion when 2025 rolls around. As it tries to become the region’s “super app,” the company reportedly plans to invest in efforts like mobile payments, health technology and food delivery.
The news comes as Grab announced in August that it had notched an additional $1 billion from multiple financial firms. The company said in a press release at the time that Ping An Capital, OppenheimerFunds, Mirae Asset-Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, Vulcan Capital, Macquarie Capital, Lightspeed Venture Partners, All-Stars Investment and other investors joined Toyota Motor in investing in the firm.
Grab President Ming Maa said in the press release at the time, “We are honored to welcome these top-tier financial institutions into our roster of strategic investors and partners. We have seen overwhelming interest from global strategic investors and partners who are keen to partner with us to capture the region’s booming growth.”