SINGAPORE - Singapore-based ride-hailing firm Grab is set to invest “several hundred million dollars” in Vietnam where the company sees its next major growth market, just weeks after it unveiled a $2 billion plan in Indonesia.
Grab and rival Indonesia-based Go-Jek are evolving from ride-hailing app operators to become one-stop shops for services as varied as payments, food delivery, logistics and hotel bookings in Southeast Asia. Vietnam ranks third or fourth among Grab’s top markets, said Maa, who joined the company three years ago from its major investor, Japan’s Softbank Group Corp, and a previous decade-long stint at investment bank Goldman Sachs.
Maa said its total gross merchandise volume in food delivery, a segment where it is expanding aggressively, has surged 300% in the first half. GrabFood now accounts for 20% of the company’s total GMV.
Source: News Formal (newsformal.com)
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