Tokyo Century ups investment in ride-hailing startup Grab to $175mn
Tokyo Century has raised its total investment in ride-hailing startup Grab to $175mn amid its Series H funding round.
Grab operates ride-hailing services across 8 countries in Southeast Asia, matching drivers with passengers via a mobile app.
The firm also operates mobile platforms that offer payment solutions, food delivery and online shopping.
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The Japanese financial services company first invested in Grab in 2016 and said that the renewed partnership will address the “increasingly demanding and diverse needs of the ride-hailing industry."
The firm said the investment will also enable Grab Rentals – the Grab unit that leases cars to private-hire drivers – the ability to "offer more flexible-term rentals and other new products.”
Grab is in the midst of its series H funding round, which is being led by Japanese car maker Toyota with a US$1bn investment.
The latest investment by Tokyo Century pushes the total sum raised in the round so far to above $3bn.
“Tokyo Century will leverage its financial expertise accumulated over many years in Japan through Grab’s platform to address increasingly demanding and diverse needs of the ride-hailing industry,” Tokyo Century said in a statement
“With the latest investment, Grab Rentals will further improve its driver-partners’ experience by expanding its product offerings including flexible-term rentals and an upcoming electric vehicle fleet.”