Grab has announced it will deepen the company's presence in Myanmar by investing US$100 million over the next three years. The money will allow Grab to strengthen its presence in Yangon and work with local governments to launch its ride-hailing services to other cities across the country.
The company also plans to unveil other products from the Grab suite such as GrabPay, moving more people in Myanmar into the digital economy and driving the adoption of mobile payment nationwide. According to the press statement, it works with local banks such as CB Bank and Wave Money to make banking and financial services available to all of its driver partners in Yangon.
Grab will also build a team of up to 200 individuals to manage the expansion efforts, and strengthen its round-the-clock call centre capabilities to ensure that driver and riders in Myanmar can rely on timely and effective support.
The ride-hailing company intends to explore opportunities in the corporate travel segment by launching its latest corporate solution, Grab for Work. Over 8,000 corporations in Southeast Asia are currently using Grab for Work to manage employees' local and regional transport expenses seamlessly and digitally.
“Grab in Yangon has taken off at an incredible pace. This demonstrates the massive and immediate potential of this fast-growing market. Our commitment to address transport challenges with locally-suited and innovative solutions that create more social and economic opportunity works well for both Grab and our local communities. This is already one of our fastest-growing markets, and we are very excited to deepen our commitment into Myanmar," Anthony Tan, Grab’s co-founder and CEO, said.
Last month, Grab announced it expected to raise US$2.5 billion in its latest financing round from existing and new investors, with US$2 billion coming from mobile transportation platform Didi Chuxing (DiDi) and telecommunications and internet company SoftBank Group (SoftBank). The strategic investment by DiDi and SoftBank allows Grab to continue its vision of aiding consumers in Southeast Asia access safe transportation and financial products, while generating employment opportunities.