Thailand’s Central Group invests $200 million in ride-hailing service Grab

Thailand’s Central Group To Invest $200 Million In Ride-hailing Service GrabBangkok-based family conglomerate Central Group, which is active in retail, real estate, hospitality and restaurants and operates Thailand’s biggest shopping mall, plans to invest $200 million in ride-hailing giant Grab, Bloomberg News reported.

The deal seals a strategic partnership under which Central Group will help Grab expand its business in Thailand, the report said, adding that Central Group will invest in Grab’s Thai unit. Central Group, owned by the Chirathivat family, one of Thailand’s richest, confirmed the report and said it will “acquire a significant non-controlling stake” in the Thai entity.

The two companies will work together on transport, food and grocery delivery and logistics, the company’s executive chairman and chief executive, Tos Chirathivat, said.

“We look forward to collaborating together to revolutionise the retail and service industry,” he said.

The news comes amid an unclear situation of the regulatory and legal status of ride-hailing apps such as Grab in Thailand. Police are occasionally fining drivers, and conventional motorbike taxi drivers at times are staging protests against the services or even start brawls.

Grab, which bought out Uber’s business in Southeast Asia, is expanding beyond its roots as a ride-hailing app by adding services such as food delivery, payments and logistics. GrabFood is now available in six major Southeast Asian countries and GrabExpress, its logistics and goods delivery service, in 150 cities, according to the company.

The Singapore-based startup said this week it attracted more than $3 billion of investments in 2018 as part of its Series H funding round. Grab last year outlined ambitious fundraising plans and predicted that sales will double to $2 billion in 2019.

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Bangkok-based family conglomerate Central Group, which is active in retail, real estate, hospitality and restaurants and operates Thailand’s biggest shopping mall, plans to invest $200 million in ride-hailing giant Grab, Bloomberg News reported. The deal seals a strategic partnership under which Central Group will help Grab expand its business in Thailand, the report said, adding that Central Group will invest in Grab’s Thai unit. Central Group, owned by the Chirathivat family, one of Thailand's richest, confirmed the report and said it will “acquire a significant non-controlling stake” in the Thai entity. The two companies will work together on transport, food and...

Thailand’s Central Group To Invest $200 Million In Ride-hailing Service GrabBangkok-based family conglomerate Central Group, which is active in retail, real estate, hospitality and restaurants and operates Thailand’s biggest shopping mall, plans to invest $200 million in ride-hailing giant Grab, Bloomberg News reported.

The deal seals a strategic partnership under which Central Group will help Grab expand its business in Thailand, the report said, adding that Central Group will invest in Grab’s Thai unit. Central Group, owned by the Chirathivat family, one of Thailand’s richest, confirmed the report and said it will “acquire a significant non-controlling stake” in the Thai entity.

The two companies will work together on transport, food and grocery delivery and logistics, the company’s executive chairman and chief executive, Tos Chirathivat, said.

“We look forward to collaborating together to revolutionise the retail and service industry,” he said.

The news comes amid an unclear situation of the regulatory and legal status of ride-hailing apps such as Grab in Thailand. Police are occasionally fining drivers, and conventional motorbike taxi drivers at times are staging protests against the services or even start brawls.

Grab, which bought out Uber’s business in Southeast Asia, is expanding beyond its roots as a ride-hailing app by adding services such as food delivery, payments and logistics. GrabFood is now available in six major Southeast Asian countries and GrabExpress, its logistics and goods delivery service, in 150 cities, according to the company.

The Singapore-based startup said this week it attracted more than $3 billion of investments in 2018 as part of its Series H funding round. Grab last year outlined ambitious fundraising plans and predicted that sales will double to $2 billion in 2019.

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