Southeast Asia’s ride-hailing major Grab has pulled in $250 million from automaker Hyundai Motor and its affiliate Kia Motors, bringing the total funds raised in an ongoing Series H round to $2.7 billion.
The announcement comes just over a week after the Singapore-headquartered firm raised $200 million from travel firm Booking Holdings. Its valuation after that funding was believed to be around $11 billion.
Hyundai is a return investor; it had previously invested an undisclosed amount in Grab in January this year as part of a $2.5-billion Series G round co-led by SoftBank and China’s Didi Chuxing.
Here’s the financing raised by Grab this year alone:
- January: An undisclosed investment from Hyundai (Series G)
- June: $1 billion from Toyota (Series H round begins)
- August: $1 billion from investors including OppenheimerFunds, Ping An Capital, Vulcan Capital, Macquarie Capital and Lightspeed Venture Partners
- October: Undisclosed investment from Microsoft (We hear the sum is close to $150 million)
- October: $200 million from the parent of Bookings.com
- November: $250 million from Hyundai, Kia Motors
Electric vehicle partnership
As part of the latest strategic investment, Grab, Hyundai and Kia will form a Southeast Asia-wide electric vehicle (EV) partnership aimed at driving EV adoption in the region.
The three companies will launch EV pilot projects in 2019 and work with governments and infrastructure players to improve EV infrastructure, such as the building of a network of quick-charge stations, per a statement. The partnership will also explore how to customize EVs to optimise them for mobility service platforms.
“As the largest fleet owner of EVs in Singapore, we are excited to establish an industry partnership with Hyundai Motor Group to drive EV adoption across Southeast Asia. We both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform,” said Grab president Ming Maa.
As part of Hyundai’s previous investment in Grab in January, the two companies had announced a collaboration that entailed Grab deploying Hyundai’s eco-friendly car models such as IONIC Electric.
“As home to one of the world’s fastest growing consumer hubs, Southeast Asia is a huge emerging market for EVs,” said Dr Youngcho Chi, Chief Innovation Officer and head of Strategy & Technology Division at Hyundai Motor Group. “With its unparalleled footprint across the region, and an ever-expanding base of customers and merchants, Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia.”