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