Ride-hailing platform Grab is now well on its way to receiving Southeast Asia's biggest venture capital funding after securing the new investment from trading company Toyota Tsusho Corporation. Grab on Thursday announced that the latest funding round is part of Toyota Group's strategic investment.
Toyota Tsusho has invested in Grab with an undisclosed amount coming from the Japanese firm's Next Technology Fund. Toyota is the latest confirmed participant in Grab's current funding round.
In July, Chinese transportation service Didi Chuxing and Japanese telecommunications company SoftBank had invested in Grab amounting to US$2bn. Grab has been aiming to hit the US$2.5bn threshold and once it does, it will become Southeast Asia's largest venture financing.
Grab chief executive Anthony Tan says in a statement that he is confident that the partnership with Toyota will benefit its driver partners and the passengers.
The company continuously claims its winning streak in market share in the region over strong rival Uber. Launched in 2012, Grab is now operating across seven countries in Southeast Asia: Malaysia, Singapore, Indonesia, Thailand, Vietnam, Myanmar and the Philippines.
Traversing 87 cities, the company is aiming to hit 100 cities by the end of the year.