SINGAPORE (Dec 17): Grab is attracting more global backers after the ride-hailing service defeated Uber Technologies Inc. in Southeast Asia. A motorcycle maker has become the latest investor.
Yamaha Motor Co. agreed to invest US$150 million ($205.7 million) in Grab and the two will collaborate on motorcycle-ride services in Southeast Asia with a focus on Indonesia, the Japanese manufacturer said in a statement Thursday.
Singapore-based Grab is teaming up with global giants to expand its reach after forcing Uber out of Southeast Asia earlier this year. Toyota Motor Corp. said in June it was investing US$1 billion in Grab, and Hyundai Motor Co. last month agreed to put an additional US$250 million into the company and sell a fleet of electric vehicles to the ride-hailing service. Carmakers and technology companies alike are working toward a future where autonomous robo-taxis will lessen the need for individual car ownership.