Toyota invests in Grab’s latest RM10.7b funding round

Toyota invests in Grab’s latest RM10.7b funding round

Toyota, via its trading arm Toyota Tsusho Corp, is the latest participant in ride-hailing firm Grab’s current financing round that is expected to raise US$2.5 billion (RM10.67 billion).

The funding round was led by existing backers Chinese ride-hailing peer Didi Chuxing and Japan’s SoftBank. Toyota Tsusho Corp invested an undisclosed sum in Grab, the companies said in separate statements today, reported by Reuters.

Last month, Grab said that Didi and Softbank would add $2 billion and that $500 million would come from other sources, making it South-East Asia’s biggest-ever single round of financing. It is believed that this $2.5 billion fund raising would value the Singapore-based company founded by Anthony Tan and Tan Hooi Ling (pictured above) at $6 billion.

Toyota said it would install driving recorder devices in vehicles operated by Grab. Under a pilot program, Toyota will have its TransLog device installed in 100 rental cars operated by Grab, enabling the companies to analyse driving patterns as well as offer improved access to connected car services.

Toyota invests in Grab’s latest RM10.7b funding round

Grab says that it operates private car, motorcycle, taxi and carpool services across seven ASEAN countries with 1.2 million drivers. The company claims to have a market share of 95% in third-party taxi-hailing and 72% in private-vehicle hailing in South-East Asia. The latter is where it fights Uber, which can now increase focus on our region after waving the white flag in China.

Toyota already has a working relationship with Uber and an undisclosed investment in the San Francisco-based tech company. In the US, the carmaker provides flexible vehicle leasing terms for Uber drivers, while the two also plan to share R&D efforts.

Should the rise of ride-sharing shift the auto market away from private ownership, these investments that carmakers are putting into the tech companies such as Grab and Uber will act as a hedge.

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Danny Tan

Danny Tan loves driving as much as he loves a certain herbal meat soup, and sweet engine music as much as drum beats. He has been in the auto industry since 2006, previously filling the pages of two motoring magazines before joining this website. Enjoys detailing the experience more than the technical details.

 

Comments

  • Ben Yap on Aug 30, 2017 at 3:53 pm

    when you don’t sell enough cars, you join the taxis. LOL

    Like or Dislike: Thumb up 14 Thumb down 0
  • alibaba on Aug 30, 2017 at 4:06 pm

    Bravo Grab + Tan Chong toward global domination. Toyota moving Forward!

    Like or Dislike: Thumb up 13 Thumb down 3
  • Habislah Nissan! ETCM must complain to HQ or their sales will soon become ZERO.

    Like or Dislike: Thumb up 10 Thumb down 3
  • Long live Grab ! on Aug 30, 2017 at 4:40 pm

    Well done grab!…the founders must be the brightest entrepreneurs from this country..kudos ..keep up the good work..

    Like or Dislike: Thumb up 11 Thumb down 3
    • choha on Aug 30, 2017 at 9:26 pm

      uber copycat, what’s so great about it?

      Like or Dislike: Thumb up 7 Thumb down 8
      • Somebody on Aug 30, 2017 at 11:24 pm

        Proton copypaste, what’s so great about it?

        Like or Dislike: Thumb up 3 Thumb down 3
        • Well, P1 did it 1st with Uber. So ekceli its ur toyota that copypasta P1, like chola said. So again, whats so gr8 about it?

          Like or Dislike: Thumb up 4 Thumb down 0
      • Somebody on Aug 31, 2017 at 8:58 am

        Then why are you still driving a car with an engine and four wheels?

        Like or Dislike: Thumb up 1 Thumb down 0
  • azhar on Aug 30, 2017 at 5:03 pm

    relocate to malaysia and govt will give you more incentives..you are malaysian company afterall

    Like or Dislike: Thumb up 11 Thumb down 7
    • Jho jom relocate to malaysia and govt will give you more incentives..

      Like or Dislike: Thumb up 9 Thumb down 3
    • Normal Guy on Aug 31, 2017 at 9:16 pm

      Delusional people… Grab left to go to Singapore because the government here prefers to work with uber knowing full well that grab is a local company. Too bad, internationally grab is known as a company headquartered in Singapore.

      Like or Dislike: Thumb up 2 Thumb down 5
      • Nope. Grab left cuz they wanna do IPO in SG instead. Profits still comes back to MY, so its okays.

        Like or Dislike: Thumb up 1 Thumb down 0
        • kilotangomango on Sep 05, 2017 at 1:49 pm

          how does the profit come back? profits balik kampung for raya?

          Like or Dislike: Thumb up 0 Thumb down 0
  • Nissan sapott Uber. Heh3

    Like or Dislike: Thumb up 3 Thumb down 0
  • Semi-Value (Member) on Aug 30, 2017 at 8:15 pm

    lol can see the future…its either they move to driverless cars or uber and grab will die

    Like or Dislike: Thumb up 4 Thumb down 0
  • brosky on Aug 31, 2017 at 9:43 pm

    this company burning investor money only la

    Like or Dislike: Thumb up 0 Thumb down 1
 

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