Automaker Hyundai invested in Singapore-based taxi-booking company Grab, with the companies planning to jointly develop new services in Southeast Asia using eco-friendly vehicles.
The companies did not disclose the value of Hyundai’s investment, which was part of Grab’s latest funding round. SoftBank, Didi Chuxing and Toyota Tsusho also invested.
In a joint statement announcing a strategic partnership, the companies said they will work on a new mobility service platform which will use Hyundai’s Ioniq Electric models.
YoungCho Chi, chief innovation officer and head of Hyundai’s Strategy & Technology Division, said the investment marks the beginning of an exciting new partnership, bringing Hyundai one step closer to realising 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,” he said.
Anthony Tan, CEO and co-founder of Grab, said: “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.
Grab, Southeast Asia’s most popular taxi-booking platform, is expanding its services in the region, having already established operations in eight countries.
In late July 2017, Grab said it raised $2 billion from Japan-based SoftBank and China’s largest taxi-hailing company Didi Chuxing, valuing the startup at more than $5 billion. The company said at the time it aimed to raise $2.5 billion in the funding round.