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SoftBank is reportedly set to invest $1 billion from its Vision Fund into southeast Asian ride-hailing startup, Grab.
Grab: The Southeast Asian ‘Super-app’
Currently, Grab’s $11 billion valuation makes it the most valuable tech startup in southeast Asia. The company has been download over 130 million times and operates in 8 countries including Singapore, Malaysia, and Vietnam. Now with its plans to move into deliveries, healthcare, and mobile payments the company looks well-positioned to only grow stronger. Such ubiquitousness of use in the region in such varied fields has caused some to refer to the company as a, ‘super-app’.
The Company Has Investor’s Attention
To date, the company has already raised over $6.5 billion after a remarkable 19 rounds of funding. In 2018 alone, the tech startup has already raised over $2.7 billion. This remarkable figure does not even include the pending $1 billion investment by SoftBank which will only increase the company’s $11 billion valuation.
SoftBank Doubles Down on Grab
This is not the first time SoftBank has invested in the company. In 2014, SoftBank was one of the early investors when it became the company’s largest investor with a $250 million round. If SoftBank follows the same pattern it has when it invested in three other southeast asian tech unicorns, it will transfer the stake to its Vision Fund, then double down by investing in the company again from its Vision Fund.
How Grab Beat Uber in the Region
Grab garnered worldwide attention earlier this year when it out-maneuvered ride-share giant Uber for control of the region. After a long battle between the two companies, Grab emerged victorious when in March it successfully bought-out Uber’s southeast asian operations. This does not mean the company is without competition in the region however as Indonesian ride-share company Go-Jek raised a reported $1.2 billion earlier this year at a $9 billion valuation.
As to which ride-share company will ultimately control the booming southeast asian market remains unclear, but with the latest round of funding in place, Grab will remain positioned to do just that.