Toyota Tsusho Invests in Grab Inc., Southeast Asia's Largest Ride-hailing Service Platform
-First Investment for Company's "Next Technology Fund"-
Toyota Tsusho Corporation ("Toyota Tsusho") announces that it has invested in Grab Inc. ("Grab") as part of efforts to accelerate business in a new mobility service sector.
With advancements in digital technologies and increased use of smartphones and other mobile devices over recent years, many countries and regions around the world have seen a rapid increase in the adoption of on-demand transportation services, such as ride-hailing services and taxi dispatch services. New transportation services like these have expanded rapidly across Southeast Asia where they are quickly taking hold as a new mass transportation medium, particularly in countries where the public transport infrastructure remains underdeveloped.
Founded in 2012, Grab is Southeast Asia's leading on-demand transportation and mobile payments platform, with 95% market share in third-party taxi-hailing and 72% in private vehicle-hailing. Grab operates the largest transportation network in Southeast Asia and is one of the most frequently used mobile platforms in the region with nearly 3 million daily rides. Today, Grab offers the widest range of on-demand transportation services in the most markets in Southeast Asia, with more than 55 million app downloads and over 1.2 million drivers in 87 cities across 7 countries. Toyota Tsusho conducts a range of automobile-related business within Southeast Asia, including automobile sales, service and telematics. Through this new investment, Grab and Toyota Tsusho hope to expand strategic alliances in a new mobility service sector. Both companies plan to investigate collaborative businesses going forward, including connected service development, vehicle supply and insurance.
In April 2017, Toyota Tsusho created an organization for developing and expanding next-generation automobile-related businesses. Called the Next Mobility Development Department, this new specialist team operates companywide under direct control of the Chief Technology Officer to work with everyone at the company to accelerate the development of new mobility businesses. Toyota Tsusho also established a Next Technology Fund to open up new markets and invest dynamically in innovative technologies, products and services in every field where the company operates. At the same time, it also set up the Next Technology Fund Department to operate the fund. This new investment in Grab represents the first project for the Next Technology Fund.
Going forward, Toyota Tsusho will continue with its strategic efforts to respond quickly to rapidly changing market environments.
- Outline of Grab
Grab Inc.Home base SingaporeEstablished June 2012Representative Anthony Tan, co-founder & CEOBusiness overview Ride-hailing service and mobile paymentCountries of operation Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam and Myanmar