SoftBank has almost closed a deal to invest $500 million in Grab as a part of the $1 billion in funding that the South-Asian ride-hailing firm is seeking at the moment.
The six-year-old firm has garnered a total of $6 billion in funding, led by SoftBank, the Chinese ride-hailing firm Didi Chuxing and Toyota Motor Corp. After the latest funding, Grab is valued at $11 billion.
The firm is looking to expand into the consumer business such as food delivery, electronic money transfers as well as mobile payments in order to position the company as a leading provider of consumer technology.
At this juncture of time, Grab is poised for further growth and the SoftBank funding has come just at the right time.
