Toyota invested $ 1 billion in the Asian equivalent of the Uber taxi

Toyota invested $ 1 billion in the Asian equivalent of the Uber taxi

June 13, 2018 0 By autotimesnews

The Asian startup Grab, which is an aggregator of a taxi, operating according to the Uber scheme, received a new strategic investor. Approximately 1 billion dollars will be invested by Toyota.

Japanese company Toyota has decided to invest a large amount ($ 1 billion) in the local analogue of the Uber taxi. Thus, a local start-up has acquired a new large investor, through which the service will continue to develop. In turn, Toyota acquired about 10% of shares, which allowed it to enter the company’s management team, and also influence the development strategy.

It is worth noting that it was not officially announced which package of shares was purchased. About 10% of analysts report TechCrunch, based on the market value of the shares of the enterprise. As part of the investment, the Japanese company will get a seat on the board of directors, and will also be able to appoint one of the members of the top management.

Representatives of the company Grab hope for productive cooperation, and will work actively with the new investor “to create a more efficient transport network that will reduce congestion in the megacities of Southeast Asia.” Apparently, the company almost completely adopts the experience of Uber.

It is also worth noting that in its region the company was able to press Uber in competition. And the American company was forced to completely leave the Asian market, selling its part of the business. The application company operating in Singapore, Indonesia, Vietnam, Thailand and several other countries, about 100 million downloads.

According to information at the time of the summer of 2017, Grab is estimated at about $ 6 billion. And large investments come not only from automakers (Hyundai also invested in “taxis”), but large investment funds also see prospects.

Recall that in 2017 in the next Tokyo Automobile Salon was demonstrated a conceptual model of the sedan – Toyota Crown. Now a serial version of the upcoming novelty is presented.