Southeast Asia ride-hailing company Grab has received a $150 million investment from Yamaha Motor Company, according to reports. Grab, which recently bought out Uber in the region, is in the midst of a Series H funding round. The two companies plan to collaborate on providing pliable financial aid for people who want to buy a motorcycle to work with Grab.
Yamaha also said it would work on improving rider and passenger safety, and that it might seek input from Grab’s customers when developing vehicles in the future.
Grab offers motorcycles on demand in Indonesia, Thailand and Vietnam for passenger rides, and for companies that provide food or grocery delivery services.
There’s a Grab competitor on the rise, however. GO-JEK is a motorcycle-based service in Indonesia, but it’s expanding into Vietnam and Thailand as well. The company is backed by Google, Tencent and Meituan, and it’s in the process of raising $2 billion in new capital.
Grab’s funding goal for this round is $3 billion. The company has received funding from an investor group that includes $1 billion from Toyota, $250 million from Hyundai, $50 million from Thai bank Kasikornbank and $200 million from a travel company called Booking. Companies Microsoft and regional bank UOB also gave money, but the amount was not disclosed. Other investment operations took part, such as OppenheimerFunds, Ping An Capital and Mirae Asset-Naver Asia Growth Fund.
Yamaha recently backed an Indian company that provides rental cars and motorbikes called Drivezy.
The funding round acquisitions mean Grab has four automotive firms working with it, even though Yamaha’s focus will be on motorcycles. Grab said it’s especially eyeing Indonesia, which is Southeast Asia’s biggest economy and fourth most-populated.
Grab said it’s had more than 125 million downloads and has given 2.5 billion rides. The company is expanding, branching into payment services, food delivery and other areas as it continues to employ a strategy to become the region’s all-inclusive super app.