Southeast Asian ride-hailing service Grab stated it had secured an investment from Japanese car manufacturer Honda Motor as part of a deal to team up on its motorbike-hailing service, in the most recent vehicle market tie-up of its type.
Grab stated Honda had accepted to invest an undisclosed amount in the company, and the two companies would form a collaboration to develop the ride-sharing innovation and associated driver education programs.
Car manufacturers including Volkswagen, Toyota Motor and General Motors also have tie-ups with ride-sharing companies to hedge against a shift in the car market away from private ownership.
Grab is the biggest rival to ride-sharing service Uber in Southeast Asia, raised $750 million in a funding round in September. A source knowledgeable about the matter stated the round valued Grab at over $3 billion.
Previously this month, Grab, whose services consist of taxi and motorbike-hailing, car-pooling, delivery and mobile payments, revealed that Tokyo Century Corp had made a tactical investment in the company for an undisclosed amount.
