Grab Stock Drops 3% in Premarket Trading

Tiger Newspress2022-06-09

Grab Stock Drops 3% in Premarket Trading.

Grab to offer mapping services to other firms in search for profit.Grab Holdings Ltd said on Wednesday it would offer its in-house mapping and location-based services to businesses, as Southeast Asia's No. 1 ride-hailing and food delivery firm chases profits.

GrabMaps, an internal mapping service used by the Singapore-based firm's drivers and delivery partners, is being pitched to businesses seeking hyper-local location solutions in the densely populated Southeast Asian countries.

Grab, which operates in eight countries in the region and had nearly 31 million active monthly users as of March 31, is looking to cash in on the mapping sector in Southeast Asia, expected to be worth $1 billion by 2025.

Indonesian ride-hailing and payments firm GoTo Gojek Tokopedia is Grab's biggest competitor, followed by Singapore-based e-commerce, gaming and digital payments firm Sea Ltd.

The loss-making company, which prioritises promotional offers and driver incentives, expects reopening of offices and resumption in travel to drive a rebound in its rideshare and food delivery businesses.

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Comments

Windtalker78
2022-06-10
Windtalker78
Why will ppl pay to use grab maps.... lol
MicChang
2022-06-09
MicChang
It will takes time for this new service offering to generate the intended results.
lks
2022-06-09
lks
Looks like investors are not optimistic of Grab maps
Abiorach
2022-06-09
Abiorach
[Miser]
Lionel8383
2022-06-09
Lionel8383
Who's going to buy their mapping service? Maybe if they offer it at a cheaper price that competitors like Google Maps, Apple Maps, Waze, etc?
hotwheels
2022-06-09
hotwheels
Grab, which operates in eight countries in the region and had nearly 31 million active monthly users as of March 31, is looking to cash in on the mapping sector in Southeast Asia, expected to be worth $1 billion by 2025.