Grab secures US$200mn investment from Thailand’s Central Group
Central Group, Thailand’s largest retail conglomerate, has invested US$200mn in Singaporean ridesharing firm Grab for an undisclosed but “significant non-controlling stake”, according to Central Group’s press release
The statement said that the investment will enable Central Group to drive Thailand’s “New Experience Economy” in a bid to improve the customer and service provider experience through digital transformation.
“This investment brings together Central, the local retail champion, and Grab, the local technology champion, in a deep partnership that reflects our commitment to Thailand and all Thai people as we strive to create jobs and economic prosperity through our platform,” said Anthony Tan, Group CEO at Grab, in Central Group’s statement.
“Central, who has the largest footprint of malls, hotels and merchants in Thailand, will help accelerate our growth across multiple verticals, such as food delivery, parcel delivery and ride–hailing, cementing our position as Thailand’s Everyday App. By joining hands with leading local companies, we can go much further in driving Southeast Asia forward.”
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Tos Chirathivat, Central Group’s Executive Chairman and CEO, added:
“Grab is a fast growing online–to–offline (O2O) platform which has scaled up impressively in Southeast Asia. Grab, like Central Group, is now an essential part of everyday life for many Thai people.
“We look forward to collaborating together to revolutionize the retail and service industry, a strategic key driver for the country’s growing economic success."
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