Grab Announces Strategic Investment from Toyota Tsusho
Toyota Group’s sole general trading company joins Grab’s record-breaking $2.5 billion financing round
Singapore, August 30, 2017 – Grab Inc. (“Grab”), the leading on-demand transportation and mobile payments platform in Southeast Asia, today announced that Toyota Tsusho Corporation (“Toyota Tsusho”), the sole general trading company of Toyota Group, has invested in Grab. Toyota Tsusho made this investment through its Next Technology Fund, and is the latest participant in Grab’s current financing round, led by SoftBank and Didi Chuxing.
Anthony Tan, Grab’s CEO and Co-Founder, said, “We are delighted to welcome this investment from Toyota Tsusho. It is an affirmation of our hard work, leading position and Southeast Asia’s enormous growth potential. We look forward to working with Toyota Tsusho to move Southeast Asia forward.”
Grab is the Next Technology Fund’s first investment since Toyota Tsusho launched it in April 2017. The fund was created to enter new markets and invest in innovative technologies, products and services in every sector the company operates, and is managed by a dedicated investment team. Toyota Tsusho also established the Next Mobility Development Department in April 2017, which reports directly to the Chief Technology Officer, to spur the development of new mobility businesses.
Grab is by far the #1 on-demand transportation platform in Southeast Asia with a market share of 95% in third-party taxi-hailing and 72% in private vehicle hailing. According to TNS, a global market research firm, Grab is the brand that is used most often in Singapore, Indonesia, Philippines, Malaysia, Thailand and Vietnam, compared to other ride-hailing apps and taxi booking apps. Today, Grab offers the widest range of on-demand services in the most markets in Southeast Asia, with more than 55 million app downloads and over 1.2 million drivers in 87 cities across 7 countries.