The value of Grab is $ 14 billion after SoftBank has received a substantial cash boost
Singaporean-based Startup Grab said Wednesday it plans to use the money to add more services to its app, going well beyond mere hailing. It is also planned to invest in Indonesia, where it aggressively competes against its smaller competitor GoJek.
The Latest Financing Values It is estimated that about 14 billion dollars would be available to a person familiar with the company. This equates to a valuation of $ 11 billion last year.
Softbanks ( SFTBF ) The $ 100 billion Vision Fund fund is already a major investor in Grab and other major companies that engage in the ride Uber. The Saudi-funded fund is led by Masa Son, the founder and CEO of SoftBank, and has become a major player in the global tech industry.
A spokeswoman for Grab declined to comment on what percentage of the company's stock the Vision Fund now owns. SoftBank did not respond to a request.
Since evicting Uber from Southeast Asia last year, Grab has stepped up its competition with regional rivals such as GoJek, headquartered in Indonesia. GoJek launched at Grab & # 39; s home in Singapore last year.
Both companies have evolved beyond the ride, trying to create irreplaceable "super apps" that offer everything from food delivery to financial services.
Tags billion boost Cash grab received SoftBank Substantial