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SoftBank Invests $250 Million in Uber Competitor GrabTaxi

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SoftBank Corp., the technology company controlled by Masayoshi Son, invested $250 million in GrabTaxi Holdings Pte as the cab-booking service fends off competition from Uber Technologies Inc. in Southeast Asia.

SoftBank will become the largest investor in GrabTaxi, Anthony Tan, who set up the mobile-phone application in 2012, said in an interview in Bangkok yesterday without providing stake details. GrabTaxi has raised about $340 million in the last 14 months, it said in a statement.