SINGAPORE – Southeast Asian ride-hailing service Grab said on Monday it had secured an investment from Japanese automaker Honda Motor Co as part of a deal to collaborate on its motorbike-hailing service, in the latest auto industry tie-up of its type.
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Grab said Honda had agreed to invest an undisclosed amount in the firm, and the two companies would form a partnership to develop the ride-sharing technology and related driver education programs.
Automakers such as Volkswagen
Grab, the biggest rival to ride-sharing service Uber Technologies Inc [UBER.UL] in Southeast Asia, raised $750 million in a funding round in September. A source familiar with the matter said the round valued Grab at more than $3 billion.
Earlier this month, Grab, whose services include taxi and motorbike-hailing, car-pooling, delivery and mobile payments, announced that Japanese financial services company Tokyo Century Corp had made a strategic investment in the firm for an undisclosed amount.
(Reporting by Aradhana Aravindan; Editing by Stephen Coates)