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Business deals

Hyundai and Kia to invest $250m in ride hailing service Grab

Multinationals keen to tap 'superapp' developer's Southeast Asia customer base

Grab is on track to raise over $3 billion by the end of the year through investments from big international companies.   © Reuters

SINGAPORE -- Southeast Asia's largest ride-hailing service, Grab, on Wednesday said it will accept a total of $250 million of new investment from Hyundai Motor Group's automotive affiliates, Hyundai Motor and Kia Motors, as part of the company's current fundraising round, which it expects to reach $3 billion by the end of the year.

Hyundai will invest $175 million, while Kia will chip in $75 million. Hyundai invested $25 million in Grab in January.

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