In brief: Tokyo Century ups Grab stake to $175m

Tokyo Century is pleased to announce that it has made an additional strategic investment in Grab, and has entered into a binding agreement and also has made a capital investment in Grab Rentals, a car-rental services provider in Singapore.

Tokyo Century and Grab [earlier] entered into a strategic partnership to collaborate on new leasing and car-rental options for Grab. In the wake of steady expansion of collaborative business with Grab, Tokyo Century has made an additional investment in Grab.

Tokyo Century has entered into a binding agreement and has made a capital investment in Grab Rentals, which provides vehicle rental services and solutions to Grab driver-partners in Singapore while Tokyo Century has been offering financing of vehicles in Singapore, Malaysia, and Indonesia since the establishment of the strategic partnership in 2016.

Source: Tokyo Century

Tokyo Century first invested in Grab when the two commenced their strategic partnership in 2016.

The Japanese financial services provider said the renewed partnership will address the “increasingly demanding and diverse needs of the ride-hailing industry,” and will enable Grab Rentals – the Grab unit that leases cars to private-hire drivers – to offer more flexible-term rentals and other new products.

Grab is in the midst of raising its series H round, which is being led by Japanese automaker Toyota with a US$1 billion investment and could reach a total of US$5 billion with participation from SoftBank, Microsoft, and Hyundai, among others.