Japanese Auto Giant Honda Invests in Ride-Hailing Service Grab
Honda Motor Co invested in Southeast Asian cab service called Grab. It was included as part of a deal to collaborate on its motorbike-hailing service, in the latest auto industry tie-up of its type.
The two companies aim to provide better ride hailing services and driver education programs.
Though the amount of payment was not been disclosed yet but the deal has been announced.
Grab provides services like taxi and motorbike-hailing, car-pooling, delivery and mobile payments.
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 who knows the matter said the round valued Grab at more than $3 billion.
Grab also announced that Japanese financial services company “Tokyo Century Corp” had made a strategic investment in the company for an undisclosed amount.
This is surely going to be one of the biggest investments of the year in any ride-hailing service.