SINGAPORE (Mar 6): Grab Holdings Inc says it has secured US$1.46 billion ($2 billion) of fresh financing from Japan's SoftBank Group Corp to help fund its expansion.
The capital raised through the nearly US$100 billion SoftBank Vision Fund brings the total amount raised by Grab in its latest funding round to more than US$4.5 billion, the ride-hailing company said in an emailed statement.
Grab, Uber Technologies Inc's partner in Southeast Asia, said it plans to use the funds "to advance its superapp vision in the region”, diversifying further from its ride-hailing business.
It also aims to expand its financial-services, food-delivery and digital-payments businesses, among others, and also roll out a few new services.
The company also said it plans to invest "a significant portion of fresh proceeds in Indonesia" which is home to rival PT Go-Jek Indonesia.
The Vision Fund is backed by the sovereign-wealth funds of Saudi Arabia and Abu Dhabi.
Other investors in this round include Toyota Motor Corp, Oppenheimer Funds Inc, Microsoft Corp, Ping An Capital and Yamaha Motor Co, Grab said.
