Softbank invests $250 million in GrabTaxi, popular taxi hailing app in Southeast...

Softbank invests $250 million in GrabTaxi, popular taxi hailing app in Southeast Asia

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The Bridge learned earlier today that Japanese Internet and mobile company SoftBank has agreed to invest about 30 billion yen ($250 million) in GrabTaxi, the company behind taxi hailing mobile app for the Southeast Asian region. SoftBank will take a 40% stake in the mobile company.

GrabTaxi operates n six Asian countries; Malaysia, Thailand, the Philippines, Indonesia, Singapore and Vietnam. Since its launch back in 2012, the company has acquired over 2.5 million app downloads and over 500,000 monthly active users.

SoftBank has been recently strengthening its investment activities in the Southeast Asian region, where they invested in India’s e-commerce site SnapDeal and Indonesia’s Tokopedia back in October. In November, Softbank invested in Ola, a taxi hailing service in India.