Photo credit: Grab
As part of a strategic tie-up, US travel company Booking has invested US$200 million in ride-hailing firm Grab.
The companies said in a statement that they aim to broaden and simplify travel solutions for consumers in Southeast Asia and around the globe.
With the deal, people will be able to book Booking travel-related services via Grab’s app and pay via its mobile wallet, GrabPay. On the other hand, users of Booking’s apps will be able to hail Grab rides.
Booking owns and operates Booking.com, Agoda, Priceline, Kayak, Cheapflights, and Momondo, among others.
In a similar move, Booking poured US$500 million into Chinese ride-hailer Didi Chuxing, one of Grab’s biggest investors, in July. The funding came amid Didi’s aggressive expansion outside of China.
Grab has raised over US$2 billion from a recent round of financing that was led by Japanese automaker Toyota, as well as strategic investment from Microsoft earlier this month. The startup is on track to raise over US$3 billion by the end of the year.
Editing by Judith Balea and Eileen C. Ang
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