By Daniel Hunter

Softbank Corp has invested $250 million (£159.2 million) in GrabTaxi.

Tokyo-based Softbank has become the largest investor in what is one of Southeast Asia's fastest growing taxi app services.

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

GrabTaxi said it had raised $340m over the last year, including its investment from Softbank.

The Tokyo firm's move will see two of its board members join GrabTaxi's board.

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