SINGAPORE (Nov 7): Ride-hailing company, Grab, has secured US$250 million ($343.5 million) in investments from South Korean carmaker, Hyundai.

This is Hyundai’s largest external technology investment and 10 times more than its earlier commitment to Grab in Jan 2018.

With the intention to further expand in Singapore, Hyundai will also be providing 200 Hyndai electric vehicles to Grab’s Singapore fleet in 2019. The duo also said that they will launch pilot projects to build electric vehicle-friendly markets across the region.

Including Hyundai’s investment, Grab is looking at a total of US$2.7 billion in funding this year so far, taking it closer to its aim of raising more than US$3 billion by end-2018.

Ming Maa, president of Grab, says, “One of the key benefits for electric vehicles is the lower total cost of ownership and operation over the lifespan of the vehicle.” He also added that this will help translate into higher savings for both the company and drivers.

After launching the pilot programme in Singapore, Maa plans to launch a similar programme in Malaysia for its next rollout of electric cars.