Financial services group Kasikornbank (KBank) invested $50m in ride hailing and payment technology provider Grab yesterday in connection with a strategic partnership.
The funding will be added to an ongoing funding round that reached $2.7bn this week when automotive manufacturers Hyundai and Kia invested a total of $250m through a separate partnership deal.
Carmaker Toyota has also invested in the round, as has travel booking group Booking Holdings, software provider Microsoft, insurer Ping An, financial services firm Citi, Goldman Sachs Investment Partners, OppenheimerFund and Mirae Asset – Naver Asia Growth Fund.
Ping An Capital, an investment subsidiary of insurer Ping An, has also invested in the round, as has automotive manufacturer Toyota, travel booking group Booking Holdings and Mirae Asset – Naver Asia Growth Fund, backed by internet group Naver and Mirae Asset Daewoo.
Formerly known as GrabTaxi, Grab’s core business is on-demand rides but it has expanded into a range of delivery-based services centred on its mobile payment system, GrabPay, which is maintained by the subsidiary Grab Financial it launched in March this year.
The KBank deal will allow Grab to launch the GrabPay mobile wallet in Thailand as a co-branded venture that will be accessible through both companies’ apps.
The agreement was announced alongside news that Grab Financial is expanding from Indonesia into Thailand as well as Singapore, Malaysia, Indonesia, Vietnam and the Philippines.
Kasikornbank president Patchara Samalapa said: “Our partnership with Grab opens up new opportunities to innovate in a rapidly evolving industry and growth region.
“We are excited to team up with Grab to transform the customer experience in this ‘digital lifestyle ecosystem’ for Grab’s users, driver-partners and merchants as well as enhance the delivery of digital services and mobility for millions of users who rely on Grab for safe and affordable transport, food and package delivery, mobile payments and financial services.”
Grab has so far raised more than $6.6bn altogether. Its earlier investors include telecommunications firm SoftBank, ride hailing service Didi Chuxing, travel agency Qunar, carmaker Honda, media group Emtek and financial services firm Tokyo Century.
