Toyota joins Grab’s $2.5 billion fund raising, unveils tie-up

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Toyota Motor Corp’s trading arm became the latest participant in ride-hailing firm Grab’s current financing round that is expected to raise $2.5 billion, led by Chinese peer Didi Chuxing and Japan’s SoftBank Group Corp.

Toyota Tsusho Corp, in which Toyota Motor is the biggest stakeholder, has invested an undisclosed sum in Grab, the companies said in separate statements on Wednesday.

The investment is the latest in a Southeast Asian startup as major companies seek growth in the region’s huge developing economies with young, tech-savvy demographics.

Toyota Motor said it would install its driving recorder devices in vehicles operated by Grab, as the automaker expands further into new driving services.

Under a pilot program, Toyota will have its TransLog device installed in 100 rental cars operated by Singapore-based Grab, enabling the companies to analyze driving patterns as well as offer improved access to connected car services.

Didi and SoftBank are already investors in Grab and other ride-hailing services globally. In July, Grab said the pair would add $2 billion and that $500 million would come from others, making the fundraising Southeast Asia’s biggest-ever single round of financing.

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