Southeast Asian ride-hailing firm Grab on Monday said it will invest $2 billion ...
JAKARTA - Southeast Asian ride-hailing firm Grab on Monday said it will invest $2 billion into Indonesia over five years using capital received from Japan’s SoftBank Group Corp, which wants to increase its exposure to the region’s most populous market.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.
Earlier on Monday, SoftBank Chief Executive Masayoshi Son told reporters his company was investing $2 billion in Grab. A SoftBank spokeswoman later said Son was referring to capital already invested in Grab, and that he expressed his willingness to invest further funds in the ride-hailing firm.SoftBank will help Grab build a second headquarters in the Indonesian capital of Jakarta, Son also said on Monday.
Doubling down on Indonesia will intensify Grab’s competition with home-grown rival Go-Jek. Both tech startups have evolved from ride-hailing app operators to becoming one-stop shops for services as varied as making payments and food delivery. “We will study the opportunities. We are interested in electronic vehicles, batteries and the charging systems,” Son told reporters at the presidential palace in Jakarta.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SoftBank will reportedly invest $2 billion in Southeast Asian ride-hailing firm GrabSoftBank Group CEO Masayoshi Son said Monday the Japanese conglomerate will invest $2 billion in ride-hailing giant Grab, Reuters reported.
Read more »
Restrictions on $2 Million Drug Highlight Challenge for Gene TherapiesZolgensma, the world’s most expensive drug, is a cutting-edge treatment for spinal muscular atrophy, or SMA, but access to the gene therapy is limited for now as insurers sort out their coverage.
Read more »
Here's How to Grab Summer 2019's Top Trend — Starting at Just $22We have reached peak nostalgia.
Read more »
Items that once belonged to Neil Armstrong have drawn more than $12 million in bids, but are sparking controversy among people who knew himA gold coin that Armstrong took with him to the moon sold for $2 million. But former friends of the astronaut think the sales are unseemly.
Read more »
HuffPost is now a part of Oath
Read more »