SINGAPORE (Reuters) – Ride-hailing firm Grab, the main Southeast Asian rival of Uber Technologies Inc, said it would commit $100 million over the next three years to deepen its presence in Myanmar, grow to more cities and roll out its other services.
Grab said it wanted to launch its payments platform, GrabPay, and build a local team of up to 200.
Both Grab and Uber launched services in Yangon earlier this year seeking growth in a market where internet penetration has exploded from next to nothing a few years ago to nearly 90% now, with more people turning to apps and mobile services.
Their plans coincide with a push by the authorities to work to revamp public transport, starting with the bus network in Yangon.
Grab said in a statement that its platform processes 25,000 unique bookings in Yangon every day, and that it has more than 6,000 screened and licensed drivers across the city. It also claims monthly earnings for drivers have increased by an average of 240% since May 2017.
(Reporting by Aradhana Aravindan; Editing by Himani Sarkar)