Honda invests in ride-hailing service Grab
Deal that involves collaboration on the Southeast Asian motorbike-hailing service Grab is the latest auto industry tie-up of its type
The Southeast Asian ride-hailing service Grab said on Monday it had secured investment from Japanese carmaker Honda 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 that the two companies would form a partnership to develop the ride-sharing technology and related driver education programs.
Automakers such as Volkswagen, Toyota 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 the ride-sharing service Uber in Southeast Asia, raised US$750 million in a funding round in September. A source familiar with the matter said the round valued Grab at more than US$3 billion.
Earlier this month, Grab, whose services include taxi and motorbike-hailing, car-pooling, delivery and mobile payments, announced that the Japanese financial services company Tokyo Century Corp had made a strategic investment in the firm for an undisclosed amount.