Ride-hailing app Grab sees some profitable services this year

Reuters News
Posted: Jan 28, 2016 2:03 AM

SINGAPORE (Reuters) - Ride-hailing app Grab, which competes with Uber Technologies in southeast Asia, expects some of its services to turn profitable this year, its chief executive said on Thursday.

Grab, previously known as GrabTaxi, allows users to book motorbikes, private cars and taxis. It also provides carpooling and last mile delivery in some cities.

"Certain verticals will be profitable this year," CEO Anthony Tan told reporters at a briefing, but did not specify which ones.

Grab, whose investors include Japanese telecoms firm SoftBank Corp, China Investment Corp, Chinese ride-hailing firm Didi Kuaidi and a unit of Singapore state investor Temasek Holdings [TEM.UL], has raised about $700 million since it was launched in 2012.

The company operates in Singapore, Indonesia, the Philippines, Malaysia, Thailand and Vietnam.

(Reporting By Aradhana Aravindan; Editing by Gopakumar Warrier)