Ride-hailing company Grab commits US$100 million over the next three years to deepen the company’s presence in Myanmar.
Following the steps of competitor Uber in Myanmar, Grab, Southeast Asia leading on-demand transportation platform, today announced that it is committing US$100 million over the next three years to deepen the company’s presence in Myanmar. The company intends to invest in expanding its ride-hailing services to more cities across the country, rolling out other products from the Grab suite, including GrabPay, and building a team of up to 200 leading local talents to manage these expansion efforts.
Since launching in Myanmar’s largest city, Yangon, in March, Grab has become by far the leading ride-hailing provider and one of the city’s most popular transport options, with:
- 25,000 unique bookings on the platform every single day
- The largest licensed taxi network in the industry
- More than 6,000 screened and licensed drivers across the city, all of whom have been trained to ensure consistently high service standards.
Over the last four months, Grab also became an important creator of economic opportunity in Yangon. Grab’s driver partners’ monthly earnings have increased by an average of 240% since May 2017. Driver partners also enjoy free personal accident insurance and discounted mobile data plans. Through its partnerships with CB Bank and Wave Money, Grab is also making banking and financial services available to all of its driver partners in Yangon.
In the coming months, Grab plans to strengthen its presence in Yangon and work with local governments to launch ride-hailing services in other cities in Myanmar. Grab will also expand its 24/7 call center capabilities to ensure that drivers and riders in Myanmar can rely on timely and effective support throughout their Grab experience.
Furthermore, Grab will also explore opportunities in the corporate travel segment. In response to keen interest from corporates since launching in Yangon, Grab has recently started offering its corporate solution, Grab for Work. Over 8,000 corporations in the region already use Grab for Work to manage employees’ local and regional transport expenses digitally and seamlessly.
Grab also plans to make GrabPay, its in-app cashless payment feature, available to local passengers in the months ahead, moving more people in Myanmar into the digital economy and driving the adoption of mobile payment across the country. Grab’s driver-partners have already started accepting cashless payment via GrabPay from international travelers.
Anthony Tan, Grab’s co-founder and CEO, said: “Grab in Yangon has taken off at an incredible pace. This demonstrates the massive and immediate potential of this fast-growing market. Our commitment to address transport challenges with locally-suited and innovative solutions that create more social and economic opportunity works well for both Grab and our local communities. This is already one of our fastest-growing markets, and we are very excited to deepen our commitment into Myanmar.”
Grab hjas in ASEAN a market share of 95% in third-party taxi-hailing and 72% in private vehicle hailing. According to TNS, a global market research firm, Grab is the brand that is used most often in Singapore, Indonesia, Philippines, Malaysia, Thailand and Vietnam, compared to other ride-hailing apps and taxi booking apps.
Today, Grab offers the widest range of on-demand services in the most markets in Southeast Asia, with more than 55 million app downloads and over 1.2 million drivers in 87 cities across 7 countries, including Myanmar.