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."
The statement also mentioned development of "e-healthcare" and mapping services. "This investment is evidence that Indonesia has been on the radar of investors, especially in the technology sector," said Luhut Binsar Panjaitan, a Cabinet minister.
Grab vies with local startup Go-Jek in Indonesia's ride hailing, food delivery and virtual payments markets.