Honda invests in Grab

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Honda is the latest automotive manufacturer to get involved in the ride-hailing sector, taking an equity stake as part of a wider strategic partnership with Southeast Asia’s Grab.

Grab, formely GrabTaxi, claims to be the “largest transportation network and highest frequency mobile internet transaction platform in Southeast Asia.”

The amount invested by Honda has not been disclosed, although Reuters reports that the stake was part of Grab’s $750 million funding round completed this September which valued the business at $3 billion.

Grab’s announcement concentrates on the benefits of the Honda deal to its GrabBike brand. Honda is the biggest motorcycle manufacturer in the world.

Grab concentrates its Southeast Asia business on 41 cities in six countries – Singapore, where it is based, Thailand, Malaysia, the Philippines, Vietnam and Indonesia. But it is also part of the Rides Everywhere alliance and has a partnership with Lyft in the US which allows Grab users visiting the US to book a Lyft ride using the Grab app.

The Honda tie-up comes at a busy time for Grab – over the past month or so it has launched the first ever ride-hailing app loyalty scheme GrabRewards and started a new  carpooling service GrabShare

Related reading from Tnooz:
Volkswagen gets serious about ride hailing and car pooling (Dec16)
Taxi app shake-up in Europe, Hailo brand to be phased out (July 2016)
Apple pumps $1 billion into China’s Didi (Jan 2016)

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