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Grab says it will invest $2 billion from Softbank into Indonesia

Grab says it will invest $2 billion from Softbank into Indonesia

Southeast Asian ride-hailing company Grab said Monday it will invest $2 billion into Indonesia over the next five years using funds from SoftBank Group.

The investment will be aimed at speeding up the development of Indonesia’s digital infrastructure. That includes building a next-generation transportation network around electric vehicles in local cities and improving the way important services, such as health care, are delivered in the country.

“Indonesia’s technology sector has huge potential,” Masayoshi Son, chairman and CEO of SoftBank, said in a statement. “I’m very happy to be investing US$2 billion into the future of Indonesia through Grab.”

Singapore-based Grab said it will build a second headquarters in Jakarta, Indonesia.

Grab will make the $2 billion investment into Indonesia using the roughly $3 billion capital it has raised in total from SoftBank.