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Southeast Asia's Grab to offer mapping services to other firms in search for profit

Southeast Asia's Grab to offer mapping services to other firms in search for profit

FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga

Grab Holdings said on Wednesday (Jun 8) that it would offer its in-house mapping and location-based services to businesses, as Southeast Asia's number 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 Mar 31, is looking to cash in on the mapping sector in Southeast Asia, expected to be worth US$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 has spent money on promotional offers and driver incentives, has said it expects the reopening of offices and resumption in travel to drive a rebound in its rideshare and food delivery businesses.

Source: Reuters/gs
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