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Grab Holdings Limited (NASDAQ:GRAB) goes Uber Technologies, Inc (NYSE:UBER) way with the latest move.
The ride-hailing company is expanding its services beyond ride-hailing and food delivery by entering Southeast Asia’s competitive restaurant booking industry.
For comparison, Uber reported delivery revenue of $3.21 billion, which is up 4% in the first quarter.
Confirming to TechCrunch, Grab acquired the Singapore-based dining reservation platform Chope for an undisclosed amount.
The move aims to differentiate Grab from its competitors and improve margins by expanding its restaurant reservation business.
Also Read: Uber’s Asia Peer Grab Taps OpenAI to Enhance App Navigation and Customer Support
Grab’s acquisition of Chope significantly boosts its restaurant booking capabilities. With 13,000 eateries across Singapore, Hong Kong, China, Indonesia, and Thailand, Chope will integrate with Grab’s existing services, such as HungryGoWhere, acquired in 2022.
Founded in 2011, Chope raised over $64 million from investors, including Ant Group and Singha Ventures.
The acquisition allows Grab to offer enhanced restaurant booking services, distinguishing it from peers like GoTo and Line Man Wongnai.
Grab held $2.1 billion in cash and equivalents as of March 31.
Grab’s first-quarter revenue of $653 million (up 24% year-on-year) in the first quarter of 2024 compared to Uber’s $10.10 billion (up by 15% year-on-year).
Price Action: GRAB shares traded lower by 0.15% at $3.37 at the last check on Tuesday.
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