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Grab pulls in $250M from Hyundai as ongoing round reaches $2.7B

Grab, the Singapore startup that bought Uber’s Southeast Asia business earlier this year, continues to announce strategic investors for its ongoing Series H funding round. The latest edition revealed today is Korean automotive firm Hyundai, which is investing $250 million.
Hyundai first invested in Grab in January, and it joins recently announced investors Microsoft (undisclosed) and Booking Holdings ($200 million) in the round, which is aimed at reaching at least $3 billion before the end of this year. Grab first announced a $1 billion investment from Toyota in June and that was doubled to $2 billion when a range of institutional backers joined. Those include OppenheimerFunds, Ping An Capital, Mirae Asset-Naver Asia Growth Fund, Lightspeed Venture Partners and Macquarie Capital, and today Grab disclosed two others: Goldman Sachs Investment Partners and Citi Ventures.
In total, these additions take that Series H round to $2.7 billion so far, Grab said. That means that Grab, which is valued at over $11 billion, has now raised more than $6 billion from investors including SoftBank and China’s Didi. That’s a figure that extends its record for a startup in Southeast Asia. Grab claims 125 million downloads across its eight markets in Southeast Asia and over 2.5 billion rides completed to date, up from two billion in July.
Like Toyota, Microsoft and travel giant Booking — which was formerly known as Priceline — Hyundai’s involvement includes a fairly hefty strategic portion: electric vehicles.
Grab said that it will work with the Korea firm introduce a series of EV pilots in Southeast Asia that’ll feature Hyundai and Hyundai-owned Kia vehicles. The companies began working on the rollout of Hyundai’s IONIQ vehicle in Singapore earlier this year and now they will add Kia EVs and explore opportunities beyond Singapore.
Grab pulls in $250M from Hyundai as ongoing round reaches $2.7B
(Right to left) Euisun Chung, Executive Vice Chairman of Hyundai Motor Group, and Anthony Tan, Grab CEO, mark the new $250 million investment deal [Image via Bloomberg New Economy Forum]
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