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Home / Business / CEO of SoftBank Group says investing $ 2 billion in the ride-hailing app Grab By Reuters

CEO of SoftBank Group says investing $ 2 billion in the ride-hailing app Grab By Reuters



© Reuters. Founder and CEO of Softbank Masayoshi Son speaks during a meeting with Indonesian President Joko Widodo in the Jakarta Presidential Palace

JAKARTA (Reuters) – Southeast Asian breeding firm Grab said on Monday that it will invest $ 2 billion in Indonesia over five years at to use capital received from Japan's SoftBank Group Corp, which wants to increase exposure to the region's most populous market.

The investment will go towards creating a next-generation transport network and transforming how critical services, such as health services, are delivered, Grab said in a statement.

"SoftBank will invest $ 2 billion in the country through Grab, to drive the digitization of key services and infrastructure," said Grab headquartered in Singapore.

Earlier Monday, SoftBank chief Masayoshi Son told reporters that his company invested $ 2 billion in Grab. A SoftBank spokeswoman later said that Son referred to capital that had already been invested in Grab, and that he expressed his willingness to invest additional funds in the riding garden company.

Grab has raised nearly $ 3 billion so far from SoftBank and its Vision Fund.

SoftBank will help Grab build another headquarters in the Indonesian capital Jakarta, Son said Monday.

Grab said the two companies will invest to create a transport network for Indonesia based on electric vehicles. Grab will also use the money to launch e-health services to improve access to doctors and medical services.

A doubling in Indonesia will intensify Grab's competition with the home-grown rival Go-Jek. Both technological start-ups have evolved from ride-hailing app operators to becoming one-stop shops for services that are as diverse as paying and delivering food.

Son also said that SoftBank would pump more funds into Indonesia's largest online marketplace Tokopedia, and explore investment opportunities in areas including renewable energy and electric vehicles in Southeast Asia's largest economy.

"We want to study the opportunities. We are interested in electronic vehicles, batteries and charging systems," Son told reporters at the Jakarta Presidential Palace.

In the statement, Grab said it has invested over $ 1

billion in Indonesia since 2017. The company has been fundraising since buying the regional business of the US rival Uber Technologies (NYSE 🙂 Inc last year.

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