Singapore-based ride hailing company Grab has obtained $1bn from carmaker Toyota at a valuation of more than $10bn, TechCrunch reported today.
The money came directly from Toyota, rather than through its investment vehicle Next Technology Fund, which took part Grab’s $2.5bn series G round last year.
Founded in 2012 as GrabTaxi, Grab started out with a taxi booking platform called MyTeksi but has since grown to offer a full range of ride hailing services, including a chauffeured service and carpooling.
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