Grab invest 100 million in Myanmar

Grab invested US$100 million into Myanmar over the next three years to take control of Southeast Asia. Myanmar is very closed and fully controlled by the military, but the internet is open after free elections in 2015 and pushing 55 million populations to move to mobile on a large scale where the wave of technology creates growing business.

Tinuku Grab invest 100 million in Myanmar

Grab invested US$100 million in Myanmar as a ride-hailing platform strategy that controls Southeast Asia's share. Uber and Go-Jek have appeared in recent years as smartphone usage. Now Grab has revealed an aggressive plan to strengthen the position.

Grab will expand its service in Yangon as a first step before expanding into other parts of the country and increasing the number of local team members to 200 people. Grab also wants to implement the GrabPay digital payment service as it has done in Indonesia.

Grab raised last July's US$2.5 billion financing led by Didi Chuxing and Softbank. The company claims to get 2.5 million daily reservations throughout Southeast Asia.

"Our commitment to addressing transportation challenges with suitable and innovative solutions to create social and economic opportunities is better done by Grab as well as local communities. We are very excited for our commitment to Myanmar," said Grab CEO Anthony Tan.