Singapore-based ridesharing giant Grab announced that it raised $250 million from Hyundai and Kia yesterday evening.
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The round comes on the heels of a $200 million investment from Bookings Holdings that the company announced just last week. And Hyundai, which first invested an undisclosed amount in Grab in January, isn’t the only automaker that has struck a partnership with the company. This round is just a piece of its $2.7 billion Series H, which began with a $1 billion investment made by Toyota in June 2018.
The company says that the round may reach over $3 billion by the end of 2018.
According to its statement, Hyundai and Kia will be working with Grab on an electric vehicle pilot program in Southeast Asia. The pilot program will launch in Singapore first in 2019 and, according to the company, will be used to “maximize cost efficiencies for Grab’s driver partners.”
As we’ve mentioned before, Grab is competing with Indonesia-based ridesharing company Go-Jek. The company is expanding across Southeast Asia and into various verticals including package delivery and food delivery, among others.
Grab has raised quite a bit of capital since its founding in 2012. According to Crunchbase, its total known capital has reached $6.6 billion in total disclosed funding from its investors which include Softbank, Goldman Sachs, and China’s ride-sharing giant Didi Chuxing. With the company continuing to build a war chest and scoring more partnerships, it’ll put up a tough fight.
Illustration Credit: Li Anne Dias