Grab said to be in discussions to offload Thai unit stake to retail giant Central Group

  • General
  • September 27, 2018
  • 183
  • 3 minutes read
image credit : Grab

Singapore based ridesharing firm Grab has now been reported to be in talks of selling a “a decent-sized stake” in its Thai business to Central Group, The country’s largest retailer with over $10 billion in annual revenues.

A deal like this would expand Grab’s partnerships with the retail giant beyond food delivery into other sectors such as e-commerce and digital payments. This would also come at a time when Grab’s main competitor Go-Jek is planning a foray into the Thai market with a $500 million investment set for its expansion into the country and several other South East Asian regions.

Grab is also reported to be interested in doing business with JD Central, a $560 million joint venture set up with China’s by the Central Group earlier this year.

No official statement have been made yet as of now with still open room for countless speculations, Nevertheless, what’s sure is that Grab has been on a rapid growth rate since its start in 2012 with a current presence across 8 countries and over 160 cities.

Grab which counts the likes of Softbank, Toyota, Didi Chuxing, Hyudai and Tiger Global as major backers has raised over $5 billion in its year old span and was last valued at $10 billion from a strategic $1 billion investment by auto giant Toyota which took place June this year.

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