Japan's SoftBank invests $250m in GrabTaxi

Tokyo-based mobile carrier giant Softbank Corp said it has invested $250m (£159.2m) in one of Southeast Asia's fastest growing taxi app services, GrabTaxi.

The move will make Softbank's internet and media arm the taxi app's largest investor.

GrabTaxi was founded in Malaysia but earlier this year moved its headquarters to Singapore.

It operates in 17 cities across six countries in Southeast Asia.

GrabTaxi said