Business

Grab to invest $2.7b in Indonesia using funds from SoftBank

JAKARTA South-east Asian ride-hailing firm Grab said yesterday it will invest US$2 billion (S$2.7 billion) into Indonesia over five years using capital received from Japanese technology investor SoftBank Group Corp.

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.

"SoftBank will invest the US$2 billion into the country through Grab, to drive the digitisation of crucial services and infrastructure," said Singapore-headquartered Grab.

It said it will make the investment from the near $3 billion capital raised from SoftBank.

Earlier yesterday, SoftBank Group Corp founder Masayoshi Son told reporters his company was investing $2 billion in Grab.

He did not specify whether he was referring to fresh funds or money previously announced.

SoftBank will also help Grab build a second headquarters in the Indonesian capital of Jakarta, Mr Son said.

In March, SoftBank put in nearly $1.5 billion through its Vision Fund, as the South-east Asian firm extended a fundraising drive ongoing since acquiring the Southeast Asian operations of US rival Uber Technologies Inc last year.

Grab could not be immediately reached for comment yesterday.

In its statement, it said it has invested over $1 billion in Indonesia since 2017.

- REUTERS

BUSINESS & FINANCE