December 12, 2016 / 2:33 AM / 9 months ago

Automaker Honda invests in ride-hailing service Grab

SINGAPORE, Dec 12 (Reuters) - Southeast Asian ride-hailing service Grab said on Monday it had secured an investment from Japanese automaker Honda Motor Co as part of a deal to collaborate on its motorbike-hailing service, in the latest auto industry tie-up of its type.

Grab said Honda had agreed to invest an undisclosed amount in the firm, and the two companies would form a partnership to develop the ride-sharing technology and related driver education programmes.

Automakers such as Volkswagen, Toyota Motor Corp and General Motors also have tie-ups with ride-sharing firms to hedge against a shift in the vehicle market away from private ownership.

Grab, the biggest rival to ride-sharing service Uber Technologies Inc in Southeast Asia, raised $750 million in a funding round in September. A source familiar with the matter said the round valued Grab at more than $3 billion.

Earlier this month, Grab, whose services include taxi and motorbike-hailing, car-pooling, delivery and mobile payments, announced that Japanese financial services company Tokyo Century Corp had made a strategic investment in the firm for an undisclosed amount. (Reporting by Aradhana Aravindan; Editing by Stephen Coates)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below