South Korea-based retailer Shinsegae Group has invested an undisclosed amount in Singapore-based ride-hailing giant Grab, media reports said. Shinsegae has invested through its newly formed corporate venture arm Signet Partners.
Recently, it was also reported that Grab will hire around 350 additional employees this year to help it deliver online financial services in Southeast Asia. The new hires will also develop the Singapore ride-hailing operator’s digital banking business and support micro-enterprises in their digital transformation.
Ms Tan Hooi-Ling, Grab’s co-founder told the media, “We are building products that positively impact millions across South-east Asia, and we want to continue deepening our R&D (research and development) capabilities and push the boundaries of innovation, right here at our strategic base.”
Last month, it was reported that Grab is considering listing its shares in a US-based stock exchange this year. Grab could raise around $2 billion in its initial public offering (IPO), which would likely make it the largest overseas share offering by a Southeast Asian company.
In December, investors of Grab and its rival Indonesia-based Gojek, urged the two giants to merge their businesses. Grab’s founder and chief executive, Anthony Tan reportedly emailed his employees to say that Grab was in a position to acquire.
Speculations about a potential merger began at the beginning of last year. Back in March, it was reported that Gojek wanted a 50 percent stake in the merged entity; however, Grab wanted to hold a controlling stake.