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Home / Business / Grab is valued at $ 14 billion after getting a big cash stop from SoftBank

Grab is valued at $ 14 billion after getting a big cash stop from SoftBank

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Singapore-based startup Grab it Wednesday that it aims to spend the money to add more services to its app, which is already going far beyond just riding. It also plans to invest in Indonesia, where it competes aggressively against its less rival GoJek.

The latest funding values ​​of Grip of around $ 14 billion, according to a person familiar with the company.
Softbank s ( SFTBF ) $ 100 billion Vision Fund is already a significant investor in Grab and other major shipping companies such as. Uber. Led by SoftBank's founder and CEO, Masa Son, the Saudi Arabian Fund has become a key player in the global technology industry, and earns large sums of money as startups like WeWork.

Grab's spokeswoman refused to comment on what percentage of the company's shares Vision Fund now owns. SoftBank did not respond to a request for comment.

A GrabBike rider in Jakarta. Grab plans to spend many of the last money it has increased to remedy its business in Indonesia.

Catch of GoJek

After running Uber out of Southeast Asia last year, Grab has strengthened competition with regional rivals such as GoJek, which is headquartered in Indonesia. GoJek launched at Grab's registered office in Singapore last year.

Both companies have expanded beyond riding and are trying to create irreplaceable "super apps" that offer customers everything from food delivery to financial services.

Lifting files for IPO, beating Uber

Grab said in a statement Wednesday that it will invest a "significant part of the fresh funds in Indonesia, and steak up its on-demand car and motorcycle service and food delivery platform.

It will also use the new money to introduce new services to its users across Southeast Asia as on-demand video, insurance and hotel reservations.

Grab dominates the driving industry in the eight countries in the region where it operates. In an interview with CNN Business in December, Grab President Ming Maa said the company expects to double revenue this year to $ 2 billion.
While other big riding companies like Lyft and Uber have made moves to go public this year, Grab has no plans for a stock exchange listing, Maa said.

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