BANGKOK — One of the country’s largest conglomerates announced Thursday it will invest more than 6.2 billion baht (USD$200 million), in Southeast Asia’s largest ride-hailing service.
The Central Group’s chief executive Tos Chirathivat said today its partnership with Singapore-based Grab would put “revolutionize” its domestic operations as an app-based, ride-hailing service into a full-fledged logistics company.
It’s the first time Grab’s Thai unit has drawn an investment partner, according to the announcement.
As part of their agreement, Central and Grab said they would collaborate on application-driven transport and delivery.
Central in 2017 entered a joint venture with China’s top e-commerce platform JD.com in a deal worth USD$500 million.
Central Group, established over 70 years ago, owns department stores, shopping malls, hotels and restaurants. It’s held privately by the Chirathivat family, with Tos Chirathivat serving as its current CEO.