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Softbank, ride hailing app Grab investing $2B in Indonesia

Posted at 2:35 AM, Jul 29, 2019
and last updated 2019-07-29 05:35:40-04

JAKARTA, Indonesia (AP) — Japanese technology company Softbank and Southeast Asian ride hailing app Grab say they’re investing $2 billion in Indonesia over the next five years.

Grab made the announcement after a meeting Monday between Indonesian President Joko Widodo and executives from Grab and its major investor Softbank.

Grab is using money already invested in it by Softbank for the investments in Indonesia, which is Southeast Asia’s largest economy.

In its statement Grab said it and Softbank will “create a next-generation transport network for Indonesia based around an electric vehicle ecosystem that will drive cities toward a greener and cleaner transportation grid.”

Grab vies with local startup Go-Jek in Indonesia’s ride hailing, food delivery and virtual payments markets.