Toyota to place a billion-dollar bet on ride-hailing giant Grab
Category: #world  By Ojaswita Kutepatil  Date: 2018-06-22
  • share
  • Twitter
  • Facebook
  • LinkedIn

Toyota to place a billion-dollar bet on ride-hailing giant Grab

The Japanese automotive industry giant Toyota is reportedly pumping USD 1 billion dollars into Southeast Asia’s largest ride-hailing company Grab. The investment, regarded as the largest of its kind by an automotive manufacturer in the ride-hailing industry, will see both the parties extend their partnership in the thriving trend of connected cars.

Sources reveal that by using the data collected from Grab’s on road service, the duo plan to explore passenger-side view of thousands of cars across Southeast Asia, track car speed, travel distance, and the time spent in traffic. By analyzing this data, both the companies aim to adopt new mobility services, user-based insurance, and renewed financing programs.

Toyota said that it will be installing its popular TransLog driving recorder devices into Grab’s fleet of cars that will in turn provide the company with insights into fleet management. On other hand Grab already monitors driving patterns and behavior through its app to increase safety and also sends them emails on braking and speed.

If industry experts are to be believed, the ride-hailing companies have good and extensive amount of data on usage which automakers want to get connected with. This data also plays a crucial role in pushing the automakers’ stance into the nascent mobility-as-a-service industry.

The data harvesting move is also likely to prove beneficial for Grab to maintain efficiency in fleet management as it plans to delve deeper into the Southeast Asia market, cite sources familiar with the matter.

For the record, Grab already operates in over 200 cities and the new funding values Grab at over $10 billion in the overall industry. Sources also reveal that Grab wants to build the region’s largest car rental fleet by Q4 2018.

It has also been reported that Toyota may expand its data service to more mobility companies such as Amazon.com Inc., Uber Technologies Inc., and Didi Chuxing.



About Author

Ojaswita Kutepatil

Email: [email protected]   

Ojaswita Kutepatil

Ojaswita Kutepatil, a mechanical engineer by qualification, presently develops content for Market Size Forecasters, Algosonline, and other similar platforms. Having had a prior experience in Business Development and Technical Engineering, she now pens down articles pe...

Read More

More News By Ojaswita Kutepatil

Pepperfry to pump $12M in expansion & boost supply chain operations
Pepperfry to pump $12M in expansion & boost supply chain operations
By Ojaswita Kutepatil

The Mumbai-based online retailer also looks to step into areas like augmented/virtual reality to advance shopping experience.

Pepperfry, the online furniture & ...

Dream Incubator leads health-tech firm NIRAMAI’s Series A funding
Dream Incubator leads health-tech firm NIRAMAI’s Series A funding
By Ojaswita Kutepatil

NIRAMAI Health Analytix Pvt. Ltd., the Bengaluru-based breast cancer screening start-up, has reportedly raised around $6 million in Series A investment round that was led by Dream Incubator, a management consulting fir...

Levi Strauss plans share market comeback after more than 3 decades
Levi Strauss plans share market comeback after more than 3 decades
By Ojaswita Kutepatil

In a recent turn of events, renowned Jeans manufacturer Levi Strauss & Co has reportedly filed documents for getting listed on the New York Stock Exchange, on the lookout for returning to public markets after over ...