Grab Stock Drops 3% in Premarket Trading.
Grab to offer mapping services to other firms in search for profit.
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.