Singapore-based on-demand ride service Grab secured an undisclosed sum from carmaker Toyota’s Next Technology Fund as part of a $2.5bn series G round. Grab is still seeking additional investors to complete the round.
The first $2bn tranche was provided in July by telecoms and internet group SoftBank and ride-sharing app developer Didi Chuxing at a $6bn valuation. Founded in 2012 as GrabTaxi, Grab operates an on-demand ride-hailing service that is currently available across 87 cities in Southeast Asia. The company has raised over $3.4bn until now, as shown on the GCV Analytics chart here.
The deal with Toyota includes a data partnership with Toyota Motor. Grab will share data on driving patterns from 100 Toyota cars in its fleet. Toyota Motor will analyse the data and recommend how its connected car technology could improve Grab’s offering.
Grab’s $2.5bn is a rather “typical” Asian venturing round that is large in size and with extensive corporate backing from corporate players from the Asia-Pacific region. Indeed, most of the corporate-backed deals in APAC-based enterprises featured regional investors, as shown on the GCV Analytics chart below. Non-Asian corporate ventures, however, also play an important role. To learn more about investing in Asia and meet with your peers, sign up for our GCV Asia Congress in Hong Kong in September.
