In just 6 years, Grab has managed to attract $6 billion in funding.
According to sources familiar with the matter at hand, SoftBank Group Corp is nearing a deal to invest nearly $500 million in Grab. The potential deal is part of a nearly $1 billion funding that Grab aims to tap in its latest funding round.
Founded in June 2012, Grab has garnered more than $6 billion in total funding, led by SoftBank, Didi Chuxing and Toyota Motor Corp.
In its last funding, earlier this year, Grab was valued at around $11 billion.
In 2014, SoftBank bought its first stake worth $250 million in Grab.
Earlier this year, Singapore-headquartered Grab acquired Uber’s Southeast Asian business in exchange for a stake in itself and has since captured 80% of Singapore’s ride services market.
Grab is looking to transform into a consumer technology group, offering, other services other than ride hailing, including food delivery, mobile payments, and electronic money transfers.
While SoftBank did not respond to requests for comment Grab declined to comment.
Sources preferred the cover of anonymity since the information is not public.