Published Date : Jun 13, 2018
Emerging markets are seeing a copious funding by several automotive players in ride-sharing firms. In particular, in Southeast Asia, these firms have been actively entering into partnerships and collaborations with investors to develop more user-friendly mobility solutions, with a focus to expand connected solutions in the region. Grab, a Southeast Asian ride-sharing app, is securing fresh round of funding led by Japan's Toyota Motor which has agreed to pour in a capital of $1 billion in the former. Grab will use the investment to build upon partnership with Toyota and help develop new mobility solutions for riders.
Funding to help Singapore-based Technology Company to expand its Online-To-Offline Services
According to a source familiar with the matter, the Singapore-based technology company is valued at upward of $10 billion. The funding secured will help it consolidate its online-to-offline services by expanding the options for customers, such as in electronic payments and food delivery segments. Another key strategic investor is Hyundai Motor Company, which notably will help Grab expand its ride-sharing services to include electric vehicles.
Of note, Grab recently acquired Uber’s business in the region recently this year and also secured a funding of $2.5 billion at the start of the year. Post the previous round, its valuation was pegged at $6 billion. The ride-sharing firm is ebullient about the rise in its valuation and claims to have its widespread usage by consumers in as many as eight economies of Asia.
Toyota to partner with Grab to develop Safe Transportation Services and Improve User-Based Insurance
Toyota on the other hand will partner with Grab and develop transportation services that seeks to up the safety and security of consumers in the region. The partnership will allow it to integrate user-based insurance, predictive car maintenance, and a host of financial packages with the offerings of the Singapore-based company. Of note, it will leverage the potential of Toyota Mobility Service Platform (MSPF) in developing these services.