Grab, the ride-hailing firm that acquired Uber’s Southeast Asia business earlier this year, is raising a new round of funding and it just announced that it will be led by Toyota, which is committing $1 billion in capital. The deal values Grab at over $10 billion, a source close to the company told TechCrunch.
In return for its capital, Toyota will also get a board seat and the opportunity to place an executive within Grab’s team. Grab said it plans to work with its new investor “to create a more efficient transport network that will ease traffic congestion in Southeast Asia’s megacities” and help its drivers increase their income. In particular, that will involve close collaboration with the Toyota Mobility Service Platform (MSPF), which is working on areas such as user-based insurance, new types of financial packages and predictive car maintenance.
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