Uber’s biggest rival Grab in Southeast Asia, recently unfolded that it has crossed a billion rides. As per the announcement, Grab achieved the milestone in last week of October by completing 66 concurrent trips from across its seven markets.
Grab drive in over 140 cities in Malaysia, Thailand, Singapore, Indonesia, Philippines, Myanmar, and Vietnam. The company is planning to launch it in India too and also said to be establishing an R&D center in Bengaluru.
Grab is backed by the major investor’s likes of SoftBank and Didi Chuxing that have just invested $2 billion into the company. Grabs have become Southeast Asia’s highest-valued tech company due to its latest estimation of $6 billion. It claims to have 68 million consumers app downloads and over two million drivers.
Early in 2016, the company started offering only card payments, progressively added features like peer-to-peer and credit payments, extending its GrabPay feature which handles digital payments for third parties.
Grab co-founder Hooi Ling Tan said in an interview last week “We’ve been talking and executing on our plan but [this] is a significant milestone for making GrabPay truly a cash replacement,” “If I leave my wallet at home, I can still pay for breakfast, lunch, and dinner. In time I’ll be able to buy goods like hardware or groceries using GrabPay.”
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