Grab, the Singapore based ride hailing company announced a new round of funding led by the Japanese automotive giant Toyota. Toyota has pledged $1 billion in capital for the company offering ride hailing, ride sharing and other logistical services. With this investment, Grab is now valued at an astounding $10 billion.
Toyota is set to get a seat on the board, combined with the opportunity to place an executive on Grab’s team. “Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia,” said Toyota executive vice president Shigeki Tomoyama in a statement.
Toyota has already pumped an undisclosed amount into the Singaporean company last year through its Next Technology Fund. This new round of funding comes directly from the parent company. Hyundai, the South Korean automobile behemoth is also one of the investors. In light of these investments, it is more than clear that Grab is a dominant player in the Southeast Asian market, especially after its acquisition of Uber’s Southeast Asia division.
Grab’s valuation was $6 billion, but after its Uber deal and Toyota’s backing, it has jumped to the $10 billion mark. Moreover, it now boasts of over 100 million downloads of its app across 8 countries. Apart from all of this, Grab is now working to expand its services from point-to-point taxis and private car hailing to mobile payments, food delivery and dock-less bicycles with Uber being out of the way.