Grab to invest $135 million in Myanmar market
SINGAPORE: Ride-hailing firm Grab, the main South-east Asian rival of Uber Technologies, said it would commit US$100 million (S$135 million) over the next three years to deepen its presence in Myanmar, expand to more cities and roll out its other services.
Grab said it wants to launch its payments platform, GrabPay, and build a local team of up to 200.
Both Grab and Uber launched services in Yangon earlier this year seeking growth in a market where Internet penetration has exploded from next to nothing a few years ago to nearly 90 percent now, with more people turning to apps and mobile services.
Their plans coincide with a push by the authorities to work on revamping public transport, starting with the bus network in Yangon, its largest city.- REUTERS