Hyundai has made a strategic investment in the Singapore-based ride hailing company, Grab. With Hyundai, some of the other noteworthy investors who participated in this Series G funding round were Didi Chuxing, SoftBank, and Toyota Tsusho. Grab did not disclose the value of Hyundai’s investment.
The strategic partnership is supposed to help expand Hyundai’s innovative future mobility services in Southeast Asia, and this will also help the South Korean automaker diversify beyond its established business of producing and selling vehicles. Additionally, it will also give Hyundai insight into the workings of the so-called sharing economy, of which, Grab is a central player.
“As we move into the next stage of Grab’s growth, we look forward to collaborating closely with Hyundai to continue innovating new mobility solutions for Southeast Asia. We are pleased to welcome Hyundai to our global network of strategic partners, and we are confident that we have an alliance of strong partners to push forward into Grab’s next phase of long-term growth,” said Anthony Tan, Group CEO and Co-founder of Grab.
Grab is Southeast Asia’s leading on-demand ride hailing service and mobile payment platform. It’s also Uber’s biggest rival in the Southeast Asian region. The company has expanded to eight Southeast Asian countries and is, supposedly, the biggest operator in the region’s third-party taxi hailing and private hailing sector. Grab currently operates in Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia.
Through this partnership, both companies will delve into ways to develop innovative solutions for their Southeast Asian customers.
“Hyundai’s strategic investment in Grab marks the beginning of an exciting new partnership between the two parties, bringing Hyundai one step closer to realizing its vision for future mobility. Grab’s expertise in the Southeast Asian market, coupled with Hyundai’s eco-vehicle leadership, will bring innovative services to customers,” said Dr. Young Cho Chi, Chief Innovation Officer and head of Strategy & Technology Division, which was established last year to spearhead Hyundai’s future innovation. “We will continue expanding collaboration with leading mobility service providers in the world.”
Earlier this month, Hyundai announced a self-driving technology partnership with Silicon Valley start-up Aurora.