Omnichannel retailer Central Group has signed an agreement to invest $200m in Singapore-based mobile technology platform Grab Holdings.
The agreement means Thailand-based Central Group will acquire a significant non-controlling stake in Grab’s Thailand business.
Grab offers a range of food and package delivery services as well as on-demand transport services to more than 130 million customers.
Central Group executive chairman and CEO Tos Chirathivat said: “We are pleased to announce our strategic partnership with Grab Holdings by investing $200m in Grab and acquiring a significant non–controlling stake in Grab Thailand.
“We look forward to collaborating together to revolutionise the retail and service industry, a strategic key driver for the country’s growing economic success.
“As part of the agreement, the companies will collaborate across the areas of transport, food and grocery delivery, logistics and more, to deliver more value to Central and Grab’s customers, partners, merchants and tenants.”
The partnership will allow Central Group to expand the reach of restaurants and food-related brands on its network through GrabFood while offering Grab’s customers more food, snacks, and beverage options.
The group’s businesses and partners will also benefit from on-demand and express delivery services by using GrabExpress.
Customers, visitors and tourists visiting Central Group malls, stores and hotels can also access special privileges under Grab services.
Grab Group CEO and co-founder Anthony Tan said: “Central, who has the largest footprint of malls, hotels and merchants in Thailand, will help accelerate our growth across multiple verticals, such as food delivery, parcel delivery and ride-hailing, cementing our position as Thailand’s Everyday App.
“By joining hands with leading local companies, we can go much further in driving Southeast Asia forward.”