June 5, 2018 / 2:50 AM / 21 days ago

Southeast Asia's Grab launches innovation arm to develop tech start-ups

SINGAPORE (Reuters) - Southeast Asia’s Grab on Tuesday launched Grab Ventures, its innovation arm to develop technology start-ups in sectors such as transport, food services, logistics and financial services, further expanding beyond ride-hailing.Grab, which made its start as a taxi-booking app six years ago, has ventured into areas including payments and food delivery. Earlier this year, it bought Uber Technologies’regional operations.

FILE PHOTO: A Grab motorbike helmet is displayed during Grab's fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su/File Photo

“We have articulated our vision to be the everyday app of Southeast Asia, so we are interested in any tech that enables that vision in terms of becoming a complete O2O (online-to- offline) mobile platform,” Chris Yeo, head of Grab Ventures, told Reuters. He said it could look to develop businesses in-house or work with existing start-ups. Grab Ventures’ current portfolio includes self-driving technology firm Drive.ai and Indonesian payments service Kudo. It will seek to partner 8-10 growth-stage start-ups over the next 24 months and may invest in a few.

Grab Ventures will work with government agencies across the region to support such companies by helping them develop and scale technologies. It may also look for private-sector partners, Yeo said.

Its accelerator program, which will provide expertise, technical resources and networks to the start-ups, includes partners from government agencies such as the Info-communications Media Development Authority of Singapore and Enterprise Singapore.

Reporting by Aradhana Aravindan; Editing by Vyas Mohan

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below