SINGAPORE Dec 12 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
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
(Reporting by Aradhana Aravindan; Editing by Stephen Coates)