Tuesday, November, 19, 2019 09:11:59

Japan-based financial services firm Tokyo Century has reportedly invested an undisclosed amount in ride-hailing giant Grab, taking its total investment in the company to USD 175 million. As per trusted sources, the latest investment also includes capital infusion in the ride-hailing platform’s car rental arm, Grab Rentals.

According to a press release issued by Tokyo Century, the company would deploy its financial expertise garnered over several years in Japan through the platform of Grab to meet increasingly diverse requirements of the ride-hailing market. The press release further noted that the new investment would help Grab Rentals in enhancing its driver-partners’ experience by widening its product offerings including an upcoming electric vehicle fleet and flexible-term rentals.

Sources familiar with the development claim that Grab Rentals would tap high-grade fleet management solutions to enhance reliability and safety standards of its vehicle fleet. It has also been reported that Tokyo Century would strengthen its partnership with Grab in the times to come to foray into new businesses associated with ride-sharing and ride-hailing services as well as finance-related business.

For the record, Tokyo Century made its first strategic investment in the Singapore-headquartered start-up in 2016 by collaborating on new leasing and car rental options. Reportedly, the financial services company announced further investment in January 2018.

As per reliable sources, Tokyo Century has been providing financing for vehicles in Indonesia, Malaysia, and Singapore as part of its collaboration with Grab. For the record, Tokyo Century made its first strategic investment in the Singapore-headquartered start-up in 2016 by collaborating on new leasing and car rental options. Reportedly, the financial services company announced further investment in January 2018.

For the uninitiated, Grab operates ride-hailing services via digital platforms and mobile applications across 8 nations in Southeast Asia. It also offers digital platforms that facilitate online shopping, food delivery, and payment solutions.