SoftBank Vision Fund invests US$1.46bn in Grab
Singaporean super app developer Grab has secured a US$1.46bn investment from the SoftBank Vision Fund, SoftBank’s $100bn tech investment vehicle.
In its press release, Grab said that the investment brings its total financing from its Series H round to over $4.5bn, with other investors including Toyota, Oppenheimer Funds, Hyundai, Microsoft, Booking Holdings, Yamaha, and Ping An Capital.
Grab will use the accrued funds to further develop the Grab super app in Southeast Asia, with the firm having a strong presence in Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Cambodia, and Myanmar, to provide further features to its users.
It also intends to advance verticals including financial services, food and parcel delivery, content and digital payments, and more.
“SoftBank and the Vision Fund are long-standing strategic investors and we are grateful for their continued support,” Anthony Tan, CEO and Co-Founder of Grab, in the company’s press release.
“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.”
David Thevenon, Partner at SoftBank Investment Advisers, added: “We have been working alongside Grab for a number of years and are privileged to support the evolution of its user-driven technologies.
“This investment will help the company explore exciting new opportunities across on-demand mobility, delivery and financial services as it continues to grow its offline-to-online platform across Southeast Asia.”