Grab clinches $269.16m investment from Thai retail tycoon Central Group

They will partner to enhance Grab's retail and logistics services in Thailand.

Reuters reported that Grab will get $269.16m (US$200m) worth of investment from Thailand’s biggest retail conglomerate Central Group which will then acquire a significant non-controlling stake in Grab’s Thailand operations.

Both firms will team up on transport, food and grocery delivery, and logistics, Central Group executive chairman and and chief executive Tos Chirathivat revealed.

“We look forward to collaborating together to revolutionize the retail and service industry,” he added.

Also read: Grab forms joint venture with ZhongAn to offer digital insurance products

“Central’s US$200m investment is a significant local joint venture,” Grab chief executive Anthony Tan said, noting that it is the first time an investor injected in Grab’s local business.

The new deal will expand Grab’s Thailand operations beyond ride-hailing and food delivery.

“We are moving forward with e-commerce and logistics...We are going to enter online travel, (with) Booking and Agoda,” Tan explained.

Here’s more from Reuters.

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