Leads Southeast Asia Market, Grab Can Fund Disbursement Rp 13.9 Trillion
By : Ahmad Fadli Dan Aldo Bella Putra | Thursday, June 14 2018 - 14:30 IWST
INDUSTRY.co.id - Jakarta - Again, online transportation service provider Grab gets fresh funds of US $ 1 billion or equivalent to Rp 13.9 trillion from Toyota Motor Corp. This Toyota investment will be the biggest cash injection ever made by car manufacturers to the sector of ride hailing companies.
Reported by Reuters, with a fresh injection of funds, Grab can expand the range of online services to offline. One of them extends food delivery and digital payments.
According to Reuter’s sources, a Toyota executive will be appointed to serve as Grab's board of directors and Toyota team members will be seconded as an executive officer.
Toyota has previously invested in Grab along with Chinese companies Didi Chuxing and SoftBank Group Corp. of Japan.
Currently, Grab's position becomes the leader of the horse-riding market in Southeast Asia especially with the incident Uber off his business in Southeast Asia to Grab.
Not long ago, Grab officially announced that annual revenue of this transportation service reached US $ 1 billion (Rp13, 9 trillion). This was revealed by President Grab Ming Maa in an interview with China's Yicai news agency.
"Grab is the first transportation technology company in Southeast Asia to achieve annual revenue of US $ 1 billion," he explained.
Grab currently has 100 million app downloads and over 6 million daily orders, as Deal Street Asia writes.
Nevertheless, Maa mentions that Grab is not planning to turn back now. Maa mentions that the company will continue to focus its investment on financial services and still has not considered profitability.
The company's ride-hailing service in Southeast Asia and around the world as it is known there is still no profit. Tight competition, making Grab and its competitors continuously for discounts and promotions to retain customers, thereby impacting the sheer margins of their profits.
From June 2017 to June 2018, Grab continues to expand new cities in Southeast Asia. Recorded the company has devoured 162 new cities in the region