Grab receives USD 1 bln investment from Toyota

Wednesday 13 June 2018 11:32 CET | News

Grab has reached an agreement with Toyota under which Toyota will invest USD 1 billion in Grab, as a lead investor in the company’s ongoing financing round. 

As part of the agreement, Grab and Toyota will strengthen and expand their existing collaboration in the area of connected cars, to drive the adoption of new mobility solutions across Southeast Asia. The transaction is subject to the satisfaction of certain closing conditions.

This investment by Toyota is the largest-ever by an automotive manufacturer in the global ride-hailing sector, and brings Grab closer to achieving its vision of becoming a one-stop mobility platform in Southeast Asia. G

rab plans to work with partners to create a more efficient transport network that will ease traffic congestion in Southeast Asia’s megacities, make mobility accessible for all and provide driver-partners with increased income opportunities for them to move up the economic ladder.

As the leading mobile O2O platform in Southeast Asia, this investment allows Grab to further expand its range of O2O services, such as GrabFood and GrabPay, deeper into the region. Grab operates in 217 cities across eight Southeast Asian countries and offers users safe and affordable transport, food and package delivery, mobile payments and financial services through its Grab mobile app. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Grab, Toyota, Grab funding round, mobile payments, online to offline mobile payments
Countries: World