Singapore-based ride-hailing giant Grab to get 1 bln USD from Toyota
Southeast Asia's leading ride-hailing service provider Grab Holdings Inc. announced Wednesday that it had reached an agreement with Toyota Motor Corporation to get 1 billion U.S. dollars of investment from the Japanese automaker.
The investment, largest-ever by an automotive manufacturer in the global ride-hailing sector, will make Toyota a lead investor in Grab's ongoing financing round and bring Grab closer to achieving its vision of becoming a one-stop mobility platform in Southeast Asia, Grab said in a press release.
Grab, as the leading mobile O2O platform in Southeast Asia, will be able to further expand its range of O2O services, including the food delivery service and e-wallet service, deeper into the region with the investment from Toyota.
Grab raised 2.5 billion U.S. dollars of investment from SoftBank and Didi Chuxing last July, and raised 700 million dollars in debt facilities last October, according to the company's profile released previously.