Grab Gets Fresh Fund Injection

INDUSTRY.co.id - Jakarta - online transportation company, Grab get fresh funds again. This time the automotive manufacturing company, Hyundai Motor is investing in Grab.

This is the first time Hyundai has plunged into the online transport network industry. With this investment, Hyundai has the expectation to maximize profits from the fast-growing online transportation market after a decline in sales in China.

As is known, until now Grab has expanded its wings in eight Southeast Asian countries and became the largest service in the online transportation sector in Southeast Asia.

Grab and Hyundai will work together to develop its services in Southeast Asia, including the use of environmentally friendly Hyundai cars Ioniq Electric.

Hyundai itself on Wednesday (10/1/2018) yesterday claimed to be considering plans to build a car factory in Southeast Asia, which is likely in Indonesia or Vietnam.

Hyundai's attention to Southeast Asia has increased since diplomatic wrangling between Beijing and Seoul in 2017 has affected the company's sales in China.

Meanwhile, through this investment, it means Hyundai is following in the footsteps of China's online transport company Didi Chuxing, Japanese technology company SoftBank and Toyota Tsusho who had already invested in Grab.

Previously, Grab announced Didi Chuxing and Softbank had invested US $ 2 billion or equivalent to Rp 26.6 trillion in July 2017.