Grab gets $150m from Yamaha to double down on motorbike hailing
It has been a bumper funding year for Grab. And as 2018 draws to a close, new investors are still flocking to the Singapore-based company.
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Today, Japanese automaker Yamaha Motor announced it has pumped US$150 million into Grab as part of a strategic investment that will see the two collaborate on motorbike-hailing services throughout Southeast Asia.
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Grab pilots in downtown Hanoi, Vietnam / Photo credit: Tech in Asia
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The Japanese firm – part of the Yamaha conglomerate that also produces musical instruments and electronics – is renowned worldwide for its motorcycles. Its regional partnership with Grab is focused on the Indonesian market, the two companies said in a statement, with the aims of improving rider safety, informing future product development efforts, and lowering “the barriers to motorcycle purchasing for those engaged in, or considering to engage in, motorcycle ride-hailing.”
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Grab co-founder Tan Hooi Ling said yesterday that growth in Indonesia – the region’s largest market and home to archrival Go-Jek, which started out with motorbike-hailing – was imperative in the coming year. In addition to further expansion of its GrabFood delivery service, the company will work with its investors Booking and Ping An to introduce travel bookings and medicine delivery, respectively, to the island nation.
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Yamaha is the fourth auto manufacturer to invest in Grab’s ongoing funding round, which is being led by fellow Japanese firm Toyota and has been joined by South Korean carmakers Hyundai and Kia.
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US tech giant Microsoft has also joined the round – which Grab expects to raise US$3 billion by the end of the month – as has Thai financial services provider Kasikornbank and a number of other corporate and institutional investors.