Grab starts service in Myanmar, secures $2.5b in new financial backing

Grab starts service in Myanmar, secures .5b in new financial backingSingapore-based ride-hailing company Grab started full operations in Myanmar this week, launching localised apps with new safety and technology features after a four-month trial period.

Hooi Ling Tan, co-founder of Grab, said Myanmar has become the seventh country to be covered by its service which he described as the largest online transportation network in Southeast Asia. He said the expansion of its technology and local partnerships was aimed at “bringing improvements to users as well as supporting the government’s efforts to upgrade transport infrastructure.”

More than 5,000 drivers in Myanmar are now registered in Grab’s network. Operations in Yangon include a care programme for local drivers and a 24-hour customer call service as well as GrabVenue terminals at major shopping malls such as Junction City, a newly opened high-end mall in Yangon.

Founded in 2012, Grab started operations of its on-demand transportation and mobile payment platform in Malaysia and later expanded to Indonesia, the Philippines, Singapore, Thailand and Vietnam, although its official legal status in some countries, namely Thailand, seems to remain disputed.

Altogether, Grab says it has partnered with more than 1.1 million drivers in 65 cities across the seven countries. The company, initially funded by Singapore’s state investment company Temasek. claims to handle almost three million daily rides and that its app has so far been downloaded 50 million times.

For the next expansion steps, Grab in a new fundraising round is to receive up to $2.5 billion in investment from backers including Didi Chuxing, a one-stop mobile transportation platform from China, Japan’s SoftBank Group and other, not specified investors. It says it will use the funds to continue to grow in Southeast Asia as a competitor to Uber and invest in GrabPay, its proprietary mobile payments solution.

 



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Singapore-based ride-hailing company Grab started full operations in Myanmar this week, launching localised apps with new safety and technology features after a four-month trial period. Hooi Ling Tan, co-founder of Grab, said Myanmar has become the seventh country to be covered by its service which he described as the largest online transportation network in Southeast Asia. He said the expansion of its technology and local partnerships was aimed at "bringing improvements to users as well as supporting the government's efforts to upgrade transport infrastructure." More than 5,000 drivers in Myanmar are now registered in Grab's network. Operations in Yangon include...

Grab starts service in Myanmar, secures .5b in new financial backingSingapore-based ride-hailing company Grab started full operations in Myanmar this week, launching localised apps with new safety and technology features after a four-month trial period.

Hooi Ling Tan, co-founder of Grab, said Myanmar has become the seventh country to be covered by its service which he described as the largest online transportation network in Southeast Asia. He said the expansion of its technology and local partnerships was aimed at “bringing improvements to users as well as supporting the government’s efforts to upgrade transport infrastructure.”

More than 5,000 drivers in Myanmar are now registered in Grab’s network. Operations in Yangon include a care programme for local drivers and a 24-hour customer call service as well as GrabVenue terminals at major shopping malls such as Junction City, a newly opened high-end mall in Yangon.

Founded in 2012, Grab started operations of its on-demand transportation and mobile payment platform in Malaysia and later expanded to Indonesia, the Philippines, Singapore, Thailand and Vietnam, although its official legal status in some countries, namely Thailand, seems to remain disputed.

Altogether, Grab says it has partnered with more than 1.1 million drivers in 65 cities across the seven countries. The company, initially funded by Singapore’s state investment company Temasek. claims to handle almost three million daily rides and that its app has so far been downloaded 50 million times.

For the next expansion steps, Grab in a new fundraising round is to receive up to $2.5 billion in investment from backers including Didi Chuxing, a one-stop mobile transportation platform from China, Japan’s SoftBank Group and other, not specified investors. It says it will use the funds to continue to grow in Southeast Asia as a competitor to Uber and invest in GrabPay, its proprietary mobile payments solution.

 



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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