Tokyo Century's latest investment pushes Grab's series H funding round to over $4.07b

It entered into a binding agreement with Grab Rentals to expand its flexible-term rentals.

Grab’s series H funding round rose to above $4.07b (US$3b) thanks to Japanese financial services company Tokyo Century injecting an additional investment into the firm and its car rental arm Grab Rentals, an announcement revealed.

Tokyo Century previously invested in Grab in 2016 and 2018, entering into a strategic partnership to collaborate on new leasing and car rental options for Grab. Whilst the amount of its most recent investment in Grab was undisclosed, the Japanese firm has a total investment of $237.47m (US$175m) into Grab, including funding for its rental business, the firm revealed.

“Tokyo Century will leverage its financial expertise accumulated over many years in Japan through Grab’s platform to address increasingly demanding and diverse needs of the ride-hailing industry,” the Tokyo Century said in a statement. “With the latest investment, Grab Rentals will further improve its driver-partners’ experience by expanding its product offerings including flexible-term rentals and an upcoming electric vehicle fleet.”

In addition, Grab Rentals will also leverage its data and advanced fleet management solutions to improve the safety standards and reliability of its vehicle fleet, the announcement stated.

Grab has a wide range of investors on its cap table including Toyota, Hyundai, Yamaha, Microsoft and Thailand’s KASIKORNBANK. It was valued at $14.93b (US$11b) after raising funding as part of its ongoing series H round in August 2018.