Grab confirms $1.46B investment from SoftBank’s Vision Fund

Grab has become the newest addition to the SoftBank Vision Fund after it announced today that it has pulled in a $1.46 billion investment from the super fund. The Southeast Asian ridesharing company said the new money will be used to further its super app strategy, which is aimed at making its service a daily app for consumers, but it is also likely to be used to battle rival Go-Jek.

The deal — which was first reported by TechCrunch in December — takes Grab’s ongoing Series H round to $4.5 billion. Other investors in that round include Toyota, Booking Holdings, Microsoft and Hyundai. The new deal means Grab has now raised more than $7.5 billion to date. Grab, which bought out Uber’s local business last year, was last valued at $11 billion when it secured a $1 billion investment from Toyota to kick off this Series H in June. A source told TechCrunch that the new round values the company at $14 billion.