Japan-based telecommunications to technology company SoftBank is closing on a deal to invest about $500 million in Singaporean ridesharing platform Grab as part of roughly $1 billion that Grab is seeking in its latest funding.
Grab is seeking to transform itself into a consumer technology firm, offering services such as food and parcel deliveries, electronic money transfers, micro-loans and mobile payments, besides ride-hailing, in one of the world’s growing markets.
SoftBank and Grab are in advanced talks to finalize terms of the latest investment and Grab’s latest funding round is likely to be completed in a few weeks.
Grab is likely to tap strategic companies and financial firms for the remainder of the funding and this could be the final major funding before a potential IPO in a few years.