image credit : Grab

Singaporean based ride-hailing technology company Grab which has dominated ride-hailing operations in the South East Asian region and also previously acquired Uber’s Business operations in the area has now raised a huge extra funding from a notable automobile investor, Toyota to be precise has made its largest startup investment to date investing $1 Billion into Grab Holdings to speed up its co-operation and expand its operations in the ride-hailing business.

Toyota amidst this investment has also taken a board seat at the company while also appointing another as an executive director to play a huge role in the growth of Grab’s and Toyota’s investment.

The two companies had partnered with each other prior to this investment to develop connected services for the ride-hailing company indicating that this huge investment will be made to greatly expand the company’s transportation and mobility services.

Grab had previously raised a total of over $4 Billion worth of investment from a slew of investors including major tech investor Softbank and Chinese ride-hailing behemoth Didi Chuxing, The company also took a most recent Series G round from automobile company Hyundai.

This investment comes as the ride-hailing space is really boosting its competitiveness and expansion, So many ride-hailing companies have gotten huge valuations including Taxify which recently raised $175 million in a round led by Daimler at a $1 Billion Valuation and also Gett which recently raised $80 million in a round led by Volkswagen at a $1.4 Billion valuation.

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