Thailand’s Central Group plans big investment in Grab
Thailand’s largest retail conglomerate Central Group on January 31 confirmed that it will invest 200 million USD in Singapore-based ride-hailing application Grab.
Hanoi (VNA) – Thailand’s largestretail conglomerate Central Group on January 31 confirmed that it will invest200 million USD in Singapore-based ride-hailing application Grab.
Central Group, which owns department stores,restaurants, and hotel chains in Thailand, said it will acquire a significantnon-controlling stake in Grab’s Thai entity.
CEO of the group Tos Chirathivat said theinvestment will give his company's stores and hotels access to customerswherever they are.
Grab has built a new platform which consists offood delivery, payment and other services. Therefore, the two sides couldcollaborate to deliver the group’s products to customers, he added.
Grab CEO and co-founder Anthony Tan said thedeal brings together Thailand's "local retail champion" with the"local technology champion", and would cement the service's positionas Thailand's "everyday app".
Grab is the leading ride-sharing firm inSoutheast Asia. In 2018, it bought the region’s market shares from Uber.
The company has big ambitions of hooking theregion's consumers on its app and entering joint ventures with major retailplayers.
Southeast Asia's ride-hailing market is expectedto reach 20 billion USD by 2025, according to research by Google andTemasek.-VNA
Thailand's Central Group is planning to spend 200 billion THB on expanding domestic and overseas retail networks and hotels in the next five years, with Vietnam named as a prioritised market.
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Illustrative image (Source: internet)
