GRAB ATTRACTS MORE BACKERS

GRAB is attracting more global backers as the Asian ride-hailing service fights Uber Technologies, with a motorcycle maker becoming the latest investor. Yamaha Motor agreed to invest $150 million (R2.13 billion) in Grab and the two would collaborate on motorcycle-ride services in South-east Asia with a focus on Indonesia, the Japanese manufacturer said yesterday. Singapore-based Grab is teaming up with global giants to expand its reach after forcing Uber out of South-east Asia earlier this year. Toyota Motor Corporation said in June that it was investing $1bn in Grab and last month Hyundai Motor agreed to put an additional $250m into the company and sell a fleet of electric vehicles to the ride-hailing service. Carmakers and technology companies alike are working toward a future where autonomous robo-taxis will lessen the need for individual car ownership. The focus on Indonesia means Grab is intensifying its push against local contender Go-Jek, a Jakarta-based start-up that has gained popularity with its motorbike ride-hailing app. GoJek, in turn, started its car ride-hailing service in Grab’s home turf last month. I Bloomberg