Daily Markup

Daily Markup #569: Grab acquires MOVE IT to provide safer mobility & new income opportunities in the Philippines

August 18, 2022 · 2 min read
Credit: Grab

Better commutes for Filipinos

  • As we ease into our post-pandemic life, commuting is becoming a regular part of our daily activities again. That’s why 500-backed superapp Grab has made it their mission to provide safe and reliable mobility services for Filipinos.
  • The company acquired MOVE IT, an e-hailing app, to scale its existing motorcycle taxi fleet and improve the efficiency of its platform to help serve more commuters.
  • What’s more? This move will create at least 6,000 meaningful income opportunities for more driver-partners within 3 months.
  • Grab Philippines will also elevate the fleet’s safety and service quality standards to be at par with Grab’s motorcycle taxi services across Southeast Asia.
  • Grab Philippines Country Head Grace Vera Cruz said, “As we turn a new chapter for our country, Grab Philippines will continue to play an active role in bringing forward the spirit of bayanihan (a spirit of civic unity and cooperation) and value-creation – and this milestone that we humbly share with MOVE IT clearly expresses that.”
  • “As one of the first tech platforms that firmly believed in the potential and value of the Philippine market ten years ago, we’re doubling down on our commitment to outserve the needs of the Filipino people, and we are optimistic that through MOVE IT, we will create more livelihood opportunities, spur greater economic activity, and help improve every Filipino’s daily commute,” she added.
  • Read the full announcement here.
Daily
Tags:
0
Share
• • • KEEP READING

Daily Markup

  • Daily Markup is brought to you by 500 Global, Southeast Asia

  • All content herein is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Global”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Global and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Global, or an offer to provide any investment advisory service with regard to securities by 500 Global. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Global. Prospective investors considering an investment into any 500 Global fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Global fund may have a financial interest in one or more of the companies discussed

    All users of this website should note these important Terms of Use governing the use of this website.

  • Copyright © 2024 500 Global | All Rights Reserved

  • Privacy Policy
    Terms of Use
    Code of Conduct