Grab to receive $1 billion in Funding from SoftBank’s vision Fund

Ride-hailing has definitely become the new fad. Stated by Uber in California, the concept took off all around the world, with similar ventures springing up in India, Singapore, China, and Sri Lanka. It has definitely had a positive impact, with several vehicle owners getting sustainable employment and users having a convenient means of transport. All of those companies that followed in Uber’s footsteps have received generous amounts of funding from some of the biggest names in venture capitalism and business. The latest of the ride-hailing service providers to secure another massive influx of cash is the Singaporean firm Grab, which got a staggering $1 billion from SoftBank’s Vision Fund.

This is one of the largest investments which the Japanese investment behemoth had made in South Asian markets. The others were India based OYO Rooms and Korean based Coupang, both firms received $1 billion and $2 billion respectively. It is also to be noted that SoftBank see a bright future in the ride-hailing services market, given the fact that it has also invested significantly in India’s Ola and China’s Didi, and not to mention, Uber, which is all set to go public next year in what is speculated to be the largest IPO in history.

The Singapore based Grab had even negotiated a deal with Uber in which the California based giant agreed to move away from South East Asia and picked up a 27.5% stake in Grab.