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Hyundai Motor invests in ride-hailing firm Grab
« on: January 11, 2018, 01:53:43 pm »
Hyundai Motor Company, South Korea’s largest automaker, has made a strategic investment in Singapore-based Grab, which provides on-demand transportation and mobile payment services in Southeast Asia.

Part of a Series G financing round – its latest and largest capital raising exercise to date – the deal will see Hyundai Motor establish a partnership with Grab and expand its future mobility services in Southeast Asia.

Other significant investors in the Series G round Chinese transport network connector Didi Chuxing, SoftBank and Toyota Tsusho.

The value and financial terms of Hyundai’s investment in Grab are undisclosed. Data compiled by Crunchbase indicates that Grab has raised $4.135 billion in funding, with its latest known investment being a $700 million debt financing facility it announced in October 2017.

In a statement, Dr Young Cho Chi, Chief Innovation Officer and head of Strategy & Technology Division of Hyundai Motor, said, “Grab’s expertise in the Southeast Asian market coupled with Hyundai’s eco-vehicle leadership will bring innovative services to customers. We will continue expanding collaboration with leading mobility service providers in the world.”

More at https://www.prolificskins.com/forum/current-affairs/hyundai-motor-invests-in-ride-hailing-firm-grab