Grab has announced that it raised $1.46 billion investment from SoftBank

Grab has confirmed that it has pulled in a $1.46 billion investment from SoftBank’s Vision Fund. The company announced that it will use the money to further improve its super app strategy. The company is aiming to make its service a daily app for the Southeast Asian market.

The company waslast valued at $11 billion. The latest funding means Grab has now raised over $7.5 billion till date. As per TechCrunch, the new round of investment values the ride-hailing company at $14 billion. Grab confirms that the Series H round had not closed yet.

“We have been working alongside Grab for a couple of years and are privileged to support the evolution of its user-driven technologies. This investment will help the company explore new opportunities across on-demand mobility, delivery, and financial services as it continues to grow its offline-to-online platform across Southeast Asia,” said SoftBank’s spokesperson David Thevenon.

Grab also operates food delivery business and logistics services in Singapore and neighboring Southeast Asian nations including Malaysia, Indonesia, Philippines, Vietnam, Thailand etc. It has partnered with companies like Hooq, a streaming service, Ping An Good Doctor, and grocery delivery company HappyFresh to bring additional services.

Grab’s competitor, Go-Jek also announced that it raised $100 million in the ongoing Series H fund. Go-Jek, which originated in Indonesia, has now expanded in Vietnam, Thailand, and Singapore.