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Grab bags $700m from Mitsubishi UFJ

Japan’s Mitsubishi UFJ Financial Group Inc is investing more than US$700 million in ride-hailing firm Grab.

The Japanese financial institution intends to market a range of financial services from insurance to loans to Grab’s users, Bloomberg quoted a source as saying.

Grab is also backed by Japan’s SoftBank Group Corp, which has invested more than $2.6 billion in the app.

The startup said its app has been downloaded onto more than 166 million mobile devices in the region. It is trying to build a regional super-app that offers a range of services including finance, payments and rides.

In Myanmar, Grab has invested over $100 million (K143.5 billion) in the past four years to strengthen its position on the local taxi market.

The company’s taxi service experienced an increase of 10 percent in daily rides in 2019 from the previous year, and added more than 196,000 more precise location points in the Grab application.

The number of companies using Grab for Business also doubled in 2019, and the most popular destinations for rides were Myanmar Plaza, Junction City, and Yangon International Airport.

Grab will expand its services to other key cities in Myanmar this year. GrabFood will be launched for local restaurants and transportation partners in Mandalay this year.

In 2018, Grab launched its Grab Thone Bane (three-wheeler) service in Bagan and Mandalay city, and Grab TaxiPlus service.

Grab launched its service in Myanmar in July 2017, and has since introduced Grab Taxi Call service, Premium Rentals (Beat), and Grab Food.

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Source : Myanmar Times

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