A $1bn investment by Toyota was matched by backers including Ping An and Naver, valuing the on-demand ride service at $11bn post-money.
Singapore-based ride hailing platform Grab doubled a funding round featuring automotive manufacturer Toyota, insurance group Ping An and internet company Naver to $2bn yesterday.
Toyota had already provided the first $1bn of funding in June this year, and the second tranche featured Ping An unit Ping An Capital and Mirae Asset – Naver Asia Growth Fund, the joint venture set up by Naver and investment bank Mirae Asset Daewoo in March 2018.
The round, which reportedly valued Grab at…
