Southeast Asian ride-hailing firm Grab on Monday said it will invest $2 billion ...
JAKARTA - Southeast Asian ride-hailing firm Grab on Monday said it will invest $2 billion into Indonesia over five years using capital received from Japan’s SoftBank Group Corp, which wants to increase its exposure to the region’s most populous market.The investment will go toward creating a next-generation transportation network and transforming how critical services, like healthcare, are delivered, Grab said in a statement.
Earlier on Monday, SoftBank Chief Executive Masayoshi Son told reporters his company was investing $2 billion in Grab. A SoftBank spokeswoman later said Son was referring to capital already invested in Grab, and that he expressed his willingness to invest further funds in the ride-hailing firm.SoftBank will help Grab build a second headquarters in the Indonesian capital of Jakarta, Son also said on Monday.
Doubling down on Indonesia will intensify Grab’s competition with home-grown rival Go-Jek. Both tech startups have evolved from ride-hailing app operators to becoming one-stop shops for services as varied as making payments and food delivery. “We will study the opportunities. We are interested in electronic vehicles, batteries and the charging systems,” Son told reporters at the presidential palace in Jakarta.
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