Grab Receives Large Strategic Investment
2019-01-22 09:40 Tuesday
Grab, a Singapore-based ride-hailing company, recently received an additional strategic investment of $175 from Japanese financial services company Tokyo Century Corporation. Tokyo Century Corporation will utilize its accumulated financial expertise to address increasingly demanding and diverse user needs in ride-hailing industry. Tokyo Century first entered into a strategic partnership with Grab to collaborate on new leasing and car rental options in 2016, making its first strategic investment in the start-up that same year.
With the cash infusion, Grab Rentals will further improve its driver-partners' experience by expanding product offerings including flexible-term rentals and an upcoming electric vehicle fleet. Grab Rentals will also use its data and advanced fleet management solutions to improve the safety standards and reliability of its vehicle fleet.
"Tokyo Century will continue deepening its partnership with Grab to expand its automobile businesses overseas, and to enter new businesses related to ride-hailing and ride-sharing service businesses as well as the financing business." the company said in a statement.
Founded in 2012 by Anthony Tan and Tan Hooi Ling, Grab offers ride-hailing, ride sharing, and logistics services through its app in Singapore and in neighboring countries across Southeast Asia, including Malaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar, and Cambodia.
Including recent investments from Chinese ride-hailing firm Didi Chuxing and Toyota Motor Corp, Grab raised more than $6 billion investment in 2018. Japanese automaker.
In early 2018, Uber sold its Southeast Asia-based business to Grab in exchange for a 27.5% stake in the company. Since then, Grab has undertaken a massive expansion across the region, and now operates in 235 cities in Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.