Honda Motor Invests in GrabTaxi
December 11 2016 - 10:50PM
Dow Jones News
JAKARTA, Indonesia—Honda Motor Co. Ltd. has invested an
undisclosed sum in GrabTaxi Holdings Pte. Ltd., boosting the
Singapore ride-hailing firm's capital so it can fend off Uber
Technologies Inc.'s widening reach in Southeast Asia.
The deal with Honda comes less than two weeks after Grab
unveiled a tie-up with Japan's top car-leasing company, Tokyo
Century Corp. It highlights how quickly deals have been made under
Grab's new president, Ming Maa, a former M&A executive at
Japan's SoftBank Group Corp.
In September, SoftBank, which owns U.S. carrier Sprint Corp.,
led a $750 million Series F funding round in Grab that valued the
company, which was co-founded by Anthony Tan, at $3 billion. Tokyo
Century participated in the extended round of that series, Grab has
said.
Japanese auto makers are working to cement alliances with
ride-hailing companies. In May, Toyota Motor Corp. said it invested
in Uber as part of a strategic alliance aimed at getting more
drivers on the ride-hailing service.
(END) Dow Jones Newswires
December 11, 2016 22:35 ET (03:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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