2 billion provided by SoftBank is being earmarked Grab’s procedures in Indonesia – the biggest overall economy in Southeast Asia – over the next five years, to make it go head-to-head with local rival Gojek. Grab has confirmed that investment news will not influence the company’s valuation as it’s not fresh financing – though it looks like it could lead to another, new SoftBank shot in Grab, too.
“I’d like to invest more… We would invest (in) Grab more, and encourage to get more in others also, ” SoftBank CEO Masayoshi Son said in a press meeting earlier today. 300 million from Invesco within a larger, ongoing Series H that it wants to use partly for acquisitions. 2 billion is on top of that previous round, today the company said. 14 billion, today a amount that people have had the opportunity to verify remains the same. “With our presence in 224 cities, Indonesia is our largest market and we are committed to long-term sustainable development of the united states,” said Anthony Tan, CEO of Grab, in a statement.
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Given the background that companies like Uber experienced in locking horns with regulators, this places Grab immediately into a solid position in terms of introducing and working with new services in the foreseeable future. Its restaurant delivery business, GrabFood, is the largest in the region already, it claimed today.
“Indonesia’s technology sector has huge potential,” said Son in a declaration. This offer is a get on several levels for Grab. Given that Indonesia is Gojek’s home country, and given that Indonesia is one of the biggest markets in the region, this makes it one of the most important territories for Grab to – err – grab.
“Grab is an Indonesia-focused company,” said Ridzki Kramadibrata, chief executive of Grab Indonesia, in a statement today. “Having our second headquarters in Jakarta allows us to better serve the needs of all Indonesians and those from emerging economies in your community. As being a technology decacorn, Grab very well understands the needs and challenges we have here. On another front, this is an important technique for the company on the regulatory and government front. 3.5 billion (48.9 trillion Indonesian rupiahs). Updated to clarify that is NOT a new infusion of capital, but a standards of how existing investments will be used. Meanwhile, Grab continues to be raising money and SoftBank said it wants to get more.
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