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Cambodia: Booking Holdings invests $200 million in Grab
Booking Holdings, a global leader in online accommodations and travel e-commerce, yesterday entered into a strategic partnership with Grab Holdings Inc.
Booking Holdings’ brands will now be able to offer on-demand transport services through their apps, powered by Grab.
The partnership also allows Grab users to book travel-related services through the app for the first time, and pay using the region’s leading digital wallet, GrabPay.
In addition, Booking Holdings has invested $200 million in Grab, recognising Grab as the leading online-to-offline mobile (O2O) platform in Southeast Asia. Grab has raised over $2 billion for its current round of financing and is on track to raise over $3 billion by the end of this year.
Through this collaboration, the two companies aim to broaden and simplify travel solutions for travelers in the region and around the globe.
Todd Henrich, senior vice president and head of corporate development for Booking Holdings, said, “Grab has scaled impressively across Southeast Asia over the last few years, establishing itself as a recognised leader in an increasingly competitive space, and partnering with them will build even better travel experiences through technology.”
Grab has a presence in 235 cities in eight countries and provides a source of income to 8 million micro-entrepreneurs across the world.
Ming Maa, president of Grab said, “Working with Booking Holdings give our users more everyday services to choose from when they open the Grab app. The online travel market in Southeast Asia is set to nearly triple by 2025 and we see numerous synergies between travel and transportation that will allow us to capitalise on this huge opportunity.
“As a global travel leader, Booking’s investment into Grab is a vote of confidence in our continued ability to execute and expand into different O2O verticals, and roll them out across the 235 cities in which we operate.”
Source: https://www.khmertimeskh.com/50546612/booking-holdings-invests-200-million-in-grab/