SINGAPORE - Japanese financial services company Tokyo Century has made an additional undisclosed investment in Grab, as well as a capital injection in its car rental arm Grab Rentals, taking its cumulative investment in the ride-hailing platform to US$175 million (S$237.8 million) .
Tokyo Century entered into a strategic partnership with Grab to collaborate on new leasing and car rental options in 2016, making its first strategic investment in the Singapore-based start-up for an undisclosed amount that year. Further investment was announced in January 2018.
The firm - which has been offering financing for vehicles in Singapore, Malaysia and Indonesia as part of its tie-up - said its latest move comes "in the wake of steady expansion of collaborative business with Grab".
"Tokyo Century will continue deepening its partnership with Grab to expand its automobile businesses overseas, and to enter new businesses related to ride-hailing and ride-sharing service businesses as well as the financing business," it said in a media release on Monday.
Grab said that with the latest investment, Grab Rentals will expand the product offerings for its drivers, including flexible-term rentals and an upcoming electric vehicle fleet. Grab Rentals will also tap data and advanced fleet management solutions to improve safety standards and reliability.