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Toyota Motor to invest $1 billion in ride-hailing firm Grab

Reuters  |  SINGAPORE 

(Reuters) - Motor Corp has agreed to invest $1 billion in Southeast Asian ride-hailing firm as a lead investor in the company's ongoing financing round, which was launched after it bought Technologies' regional business.

The investment by is the largest-ever by an automaker in the global ride-hailing sector, the six-year old said in a statement on Wednesday.

It will allow to further expand its range of online to offline services, such as and digital payments, deeper into the region.

A will be appointed to Grab's board of directors and a dedicated Toyota will be seconded to as an officer, the ride-hailing firm said.

Toyota's trading arm has previously invested in Grab, which also counts Chinese peer Chuxing and Japan's as investors.

Earlier this year, sold its regional operations to Grab for a 27.5 percent stake in the Singapore-headquartered firm, ending a bruising battle between the two for regional dominance.

(Reporting by Aradhana Aravindan; Editing by Himani Sarkar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 08:27 IST