Toyota joins $2.5 billion into Grab in latest fundraising

Grab announced a fund-raiser included Toyota Motor Corp. The automotive giant based in Aichi Prefecture is the latest investor expected to raise US$2.5 billion led by Didi Chuxing and SoftBank Group Corp. The latest investment is Grab's attempt to build growth in Southeast Asia as a demographic has savvy youth market.

Tinuku Toyota joins $2.5 billion into Grab in latest fundraising

Toyota Tsusho Corp., a subsidiary of Toyota Group, has the greatest interest and has invested an undisclosed amount in Grab. Toyota said it will install a driving recorder device in a vehicle operated by Grab as the automaker expands its new vehicle service.

Toyota will install TransLog devices in 100 rental cars operated by Grab in Singapore that allow companies to analyze driving patterns and offer better access to connected car services.

Didi and SoftBank have been investors in Grab and other ride-hailing services around the world. Someone said the US$2.5 billion fundraising would give Grab a valuation of US$6 billion.

Grab operates a private car service, motorbike, taxi and carpooling in seven countries with 1.2 million drivers. They claim to have a 95 percent market share in third party taxi sales and 72 percent in private cars in Southeast Asia.