SINGAPORE (Reuters) – SoftBank Group Corp (9984.T) is almost a deal to invest $1.5 billion in a Suit, three times a previously estimated $500 million, such as Southeast Asia ‘ s largest ride-hailing company seems to expand, a person with knowledge of the matter said.
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World in 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato
Six-year-old Suit is so far elevated above the $6.5 billion, led by SoftBank, the Chinese ride-hailing company Didi Chuxing and Toyota Motor Corp (7203.T). After a fundraising in August, the Suit was valued at approximately $11 billion.
SoftBank first bought a stake worth $250 million to Intervene in 2014, just as Pak began to compete with Uber Technologies [UBER.UL] in South-east Asia.
The latter means in the ride-coming company will be made of the Vision of the Fund, after raising more than $93 billion last year, is the world’s largest private-equity fund.
SoftBank is expected to complete its investment in Pak this month and an announcement is likely next month, said the person, declining to be identified as the information is not public.
Pak declined to comment, while a SoftBank spokesman was not immediately comment.
Reuters reported in October that SoftBank was the conclusion of a deal to invest $500 million in Suit, with the emphasis on the tech investment giant’s confidence in the ride-hailing firm growth.
Extract acquired Uber’s Southeast Asian business this year in exchange for an interest in himself and has since then expanded its operations quickly.
Pak is looking to be a part of the funds to further expand in Indonesia, where partnerships with fintech company OVO and e-commerce platform Tokopedia, the person said.
The company is looking to transform itself into a leading technology-group offers, in addition to ride-hailing services, such as food delivery, electronic money transfers and mobile payments in one of the world’s fastest growing markets.
Grab and its Indonesian rival Go-S are raising billions of dollars and invest in the race to corner a larger part of Southeast Asia, as more of the region’s 650 million consumers go online and use smartphones to shop, commute and make payments.
Go-S the start of a trial start of the ride-hailing service in parts of Singapore over the last month and the plans for the rollout of a range of services through the app in the beginning of 2019, challenging dominant player to Grab in the small city-state.
Reporting by Anshuman Daga in SINGAPORE, additional reporting by Aradhana Aravindan in SINGAPORE and Taiga Uranaka in TOKYO; Editing by Himani sarkar Cushing and Christopher