SoftBank Group's logo at a company function in Tokyo, Japan. Picture: REUTERS/ISSEI KATO
SoftBank Group's logo at a company function in Tokyo, Japan. Picture: REUTERS/ISSEI KATO

Singapore — SoftBank is nearing a deal to invest about $500m in Grab as part of roughly $1bn that Southeast Asia's biggest ride-hailing firm is seeking in its latest funding, according to sources.

Six-year-old Grab has garnered more than $6bn in total funding, led by SoftBank, Chinese ride-hailing firm Didi Chuxing and Toyota Motor.

After its last funding a few months ago, Grab was valued at around $11bn.

SoftBank first bought a stake worth $250m in Grab in 2014 just as the two-year-old startup began competing with Uber Technologies in Southeast Asia. Toyota and financial firms led the funding earlier in 2019.

Singapore-headquartered Grab acquired Uber's Southeast Asian business in exchange for a stake in itself and has since expanded its operations rapidly.

The firm is looking to transform itself into a leading consumer technology group, offering, besides ride-hailing, services such as food delivery, electronic money transfers and mobile payments in one of the world's fastest growing markets.

SoftBank did not immediately comment and Grab declined to comment. The sources declined to be identified as the information is not public. 
Reuters