Southeast Asia’s ride-hailing giant, Grab is partnering coupon deals platform, Fave, to accelerate its payments and food delivery business in Malaysia and Singapore.
Starting this week, Grab will bring Fave’s merchant network into its payments and food delivery platform. In October, Fave customers will be able to use GrabPay to spend at restaurants and retailers in Fave’s network. The integration of GrabPay wallet was done via GrabPlatform, a suite of APIs that allows Grab’s partners to access components of its technology.
Grab and Fave will also explore ways to help small and medium-sized enterprises grow their business. Their collaboration efforts will focus on integrating services covering Fave’s deals, QR code payments, cashback and Grab’s rewards loyalty programme.
Grab sees strategic partnerships as a key part of its strategy to build new business areas and deepen existing ones. At times, Grab picks up minority stakes in some of these partnerships through its venture arm, Grab Ventures.
Grab has been aggressively pursuing these partnerships across multiple markets.
In Vietnam, GrabExpress, the ride-hailing firm’s delivery arm secured a partnership with Sendo.vn, an e-commerce portal for a three-hour express delivery service in Ho Chi Minh City.
In Thailand, Grab was reportedly selling a stake in its Thai entity to the country’s largest retailer, Central Group to extend its ride-hailing, parcel delivery and food delivery services there.
Grab is also actively raising funds to fuel its ambitions to be Southeast Asia’s everyday super app. At DealStreetAsia’s PE-VC Summit in Singapore, Grab President Ming Ma said that the company is on track to raise an additional $1 billion by the end of this year.
“We closed $2 billion in our previous financing, we have commitments of another $500 million and we expect to close a little over $3 billion by the end of December,” Maa said.
According to reports, Grab is currently valued to be $10 billion.