SINGAPORE: US travel firm Booking Holdings Inc has invested US$200 million (S$277 million) in Southeast Asian ride-hailing firm Grab as part of a strategic partnership between the two companies.
The deal will enable users to book travel-related services through Grab's app and pay via the GrabPay digital wallet, according to a statement. Booking Holdings will allow users of its brands' apps to hail Grab vehicles.
Singapore-headquartered Grab, which operates in 235 cities across Southeast Asia, is looking to transform itself into a leading consumer technology group, offering services such as food and parcel deliveries, electronic money transfers, micro-loans and mobile payments, besides ride-hailing.
Booking Holdings oversees some of the world's most popular travel booking sites including Bookings.com, Agoda.com, KAYAK and Priceline.com. In July, it invested US$500 million in Chinese ride-hailing app Didi Chuxing.
Booking's investment adds to the more than US$2 billion that Grab has received so far as part of its targeted fundraising of over US$3 billion by the end of this year. Earlier this month, Microsoft Corp invested an undisclosed amount in Grab.