Grab announces $275m fund to support its partners, regional communities

Southeast Asia’s super app Grab announced it will create an endowment fund with an initial capital of US$275 million to support its drivers and delivery and merchant partners.

Photo credit: Grab

The GrabForGood fund includes US$50 million in cash and US$200 million in Grab shares, as well as a combined US$25 million from Grab CEO and co-founder Anthony Tan, co-founder Tan Hooi Ling, and president Ming Maa.

The fund will support programs aimed at delivering long-term social and environmental impact on communities in Southeast Asia, Grab said in a statement. GrabForGood will also back other longer-term social and environmental initiatives after it exceeds a certain target value.

The ride-hailing giant said it has allocated up to US$20 million from the fund to subsidize the cost of Covid-19 vaccines and the vaccine administration of driver and delivery partners.

Grab partners can expect support in the form of education scholarships and financial aid to persons with disabilities, among others. The fund also plans to subsidize the GrabInsure program, which enables partners to purchase life and critical illness insurance, as well as coverage for family members and investment insurance products at discounted rates.

It will cover sectors including financial and digital literacy programs, climate change resiliency, and catastrophe relief.

Previously, Grab launched the Small Business Booster Program, which helps small businesses digitalize their operations, and other upskilling programs for Grab partners that offer free access to Microsoft’s e-learning digital literacy modules via the Grab driver app.