In brief: Tokyo Century ups Grab stake to $175m

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Tokyo Century is pleased to announce that it has made an additional strategic investment in Grab, and has entered into a binding agreement and also has made a capital investment in Grab Rentals, a car-rental services provider in Singapore.

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Tokyo Century and Grab [earlier] entered into a strategic partnership to collaborate on new leasing and car-rental options for Grab. In the wake of steady expansion of collaborative business with Grab, Tokyo Century has made an additional investment in Grab.

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Tokyo Century has entered into a binding agreement and has made a capital investment in Grab Rentals, which provides vehicle rental services and solutions to Grab driver-partners in Singapore while Tokyo Century has been offering financing of vehicles in Singapore, Malaysia, and Indonesia since the establishment of the strategic partnership in 2016.

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Source: Tokyo Century

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Tokyo Century first invested in Grab when the two commenced their strategic partnership in 2016.

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The Japanese financial services provider said the renewed partnership will address the “increasingly demanding and diverse needs of the ride-hailing industry,” and will enable Grab Rentals – the Grab unit that leases cars to private-hire drivers – to offer more flexible-term rentals and other new products.

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Grab is in the midst of raising its series H round, which is being led by Japanese automaker Toyota with a US$1 billion investment and could reach a total of US$5 billion with participation from SoftBank, Microsoft, and Hyundai, among others.

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Including the investment in Grab Rentals, Tokyo Century said it has invested a total of US$175 million in the Singapore-based company to date.

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