October 29, 2018 / 12:01 PM / 23 days ago

Booking Holdings becomes latest investor in Southeast Asia's Grab

SINGAPORE, Oct 29 (Reuters) - U.S. travel firm Booking Holdings Inc has invested $200 million in Southeast Asian ride-hailing firm Grab as part of a strategic partnership between the two companies.

The deal will enable users to book travel-related services through Grab's app and pay via the GrabPay digital wallet, according to a statement. Booking Holdings will allow users of its brands' apps to hail Grab vehicles.

Singapore-headquartered Grab, which operates in 235 cities across Southeast Asia, is looking to transform itself into a leading consumer technology group, offering services such as food and parcel deliveries, electronic money transfers, micro-loans and mobile payments, besides ride-hailing.

Booking Holdings oversees some of the world's most popular travel booking sites including Bookings.com, Agoda.com, KAYAK and Priceline.com. In July, it invested $500 million in Chinese ride-hailing app Didi Chuxing.

Booking's investment adds to the more than $2 billion that Grab has received so far as part of its targeted fundraising of over $3 billion by the end of this year. Earlier this month, Microsoft Corp invested an undisclosed amount in Grab. (Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below