Jakarta – Grab gets fresh funds from automotive giant Toyota. Singapore-based online transportation company announced that Toyota will invest an investment of USD 1 billion or in the range of Rp 13.9 trillion.
Quoted from CNBC, Wednesday (13/6/2018), the two companies will partner more closely and explore a variety of new strategies. Toyota officials will also enter the board of directors of Grab and some are given the position of Executive Officer.
The biggest Grab investment ever disbursed by automotive companies to the ride-sharing service will be used by Grab to develop services such as food delivery as well as electronic payments.
“As a global leader in the automotive industry, Toyota’s investment in Grab is based on their belief in our leadership in encouraging new mobile solutions and developing mobile services such as GrabFood and GrabPay,” said Ming Maa, president of Grab.
Service from Toyota will be integrated more deeply into Grab. “Going forward, together with Grab, we will develop a more attractive and safe service for our consumers in Southeast Asia,” said Shigeki Tomoyama, Executive Vice President of Toyota.
The substantial increase in capital will certainly add Grab’s ammunition to its market share in Southeast Asia. After acquiring Uber’s business unit, they are now preparing for Go-Jek’s planned expansion into several countries in the region.
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