INSUBCONTINENT EXCLUSIVE:
Ride-hailing company Grab is going to focus some of its efforts on Vietnam with a $500 million investment over the next five years to grow
its activities in the country.While Grab started as a ride-hailing company, it is now much more than that
It is mostly active in Southeast Asia.The company recently announced that it would use some of the $7 billion that it has raised to date to
essentially doing the same thing at a smaller scale in Vietnam
In particular, Grab is once again partnering with government officials
work opportunities in 63 cities in order to fight unemployment
The company is looking for drivers, delivery persons and merchants
They will be able to access credit and insurance products
Of course, this plan will only work if there are enough Grab customers in those cities over the long term.The company plans to invest in
local startups through GrabVentures
Grab will also launch programs to improve digital and financial literacy
Finally, Grab plans to share data with local governments in order to tackle traffic congestion and pollution.When it comes to metrics, Grab
is already quite big in Vietnam
For instance, the company is currently handling 300,000 food deliveries per day through GrabFood
It represents a 400% increase in gross merchandise volume during the first half of 2019
Grab drivers have generated close to $1 billion in revenue over the years.
