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SoftBank to invest $ 2 billion into Indonesia through Grave



Anthony Tan, co-founder and chief executive officer of Grave, poses for a photographer in Singapore, on Monday, July 9, 2018.

Bloomberg | Getty Images

Southeast Asian Ride-hailing company said Monday it will invest $ 2 billion into Indonesia over the next five years using funds from SoftBank Group.

The investment wants to be speeding up the development of Indonesia's digital infrastructure. This includes building a next-generation transportation network around local electric vehicles and improving the way important services.

"Indonesia's technology sector has huge potential," Masayoshi Son, chairman and CEO of SoftBank, said in a statement.

Singapore-based Tomb said it will build a second headquarters in Jakarta, Indonesia.

In March, Tomb said it had been "grave." Toyota and Hyundai Motor, as well as tech giant Microsoft, China's Ping An Capital and US-based asset management company OppenheimerFunds. [read more] 1

9659002] Grab said in June it had been secured $ 300 million from investment management company Invesco. The startup, which is valued at $ 14 billion, plans to raise around $ 6.5 billion in total capital by the end of the year.

It started out with ride-hailing, but over time, Grave's other services including food and grocery delivery , mobile payment, and micro-lending to the unbanked or underbanked in Southeast Asia.

Grave executives have spoken about the importance of the Indonesian market to the company. The ride-hailing giant said on Monday it has invested over $ 1 billion in the country since 2017.

SoftBank and Grab did not immediately respond to CNBC's requests for comments.


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