Existing investors, including Chinese ride-hailing honcho Didi Chuxing and Japanese internet conglomerate SoftBank, along with Toyota Tsusho, the trading arm of Toyota, also co-invested in this round.
The financial details of the deal remain undisclosed.
As per this report, Hyundai and Grab will jointly develop services in Southeast Asia, including one utilising the carmaker’s eco-friendly models such as the IONIQ Electric.
Grab is Southeast Asia’s leading on-demand transportation and mobile payments platform. Grab offers private car, motorbike, taxi, and carpooling services in 156 cities in eight Southeast Asian countries –Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia. With over 3 million daily rides, the app has registered 72 million downloads till date. It also offers a mobile payments platform GrabPay.
In October last year, Grab secured up to US$700 million in debt financing from unnamed global and regional banks. This development came less than 10 months after Grab announced a US$2 billion round led by Didi Chuxing (DiDi) and SoftBank. A few months earlier, Grab had raised US$750 million in an oversubscribed round led by SoftBank.
Recently, Grab signed a Memorandum of Understanding (MoU) with the Ministry of Public Works and Transport of Cambodia (MPWT) to use its technology and data to improve road safety and traffic management in the Kingdom.