BANGKOK, Feb. 1 -- Thailand's retail giant Central Group has confirmed that the group will invest 200 million U.S. dollars and acquire a significant non-controlling stake in southeast Asia's top ride-hailing platform Grab's Thai entity.
The two companies will collaborate across the areas of transport, food and grocery delivery, logistics, according to an agreement announced by the duo on Thursday.
Central Group Executive Chairman and CEO Tos Chirathivat said the two companies look forward to collaborating together to revolutionize the retail and service industry, a strategic key driver for the country's growing economic success.
Grab Thailand last year offered 100,000 trips per day, delivered 3 million meals, while Grab Express doubled its growth and Grab Food grew by 40 times.
The Singapore-based ride-hailing operator offers the widest range of on-demand transport services in the region, in addition to food and package delivery services.