Singaporean ride-hailing, food delivery and logistics services provider Grab has raised $200 million in funding from Booking Holdings, a U.S. travel fare aggregator and travel fare metasearch engines operator.
The two companies announced a strategic partnership and that the investment is part of a $3 billion ongoing funding round that Grab seeks to raise by year-end. Grab has raised over $2 billion so far, from Toyota, Microsoft, OppenheimerFunds, Lightspeed Ventures Partners and Macquarie Capital.
With the partnership, Booking Holdings’ brands will have the ability to offer on-demand transport services through their applications, powered by Grab, and Grab customers will be able to book accommodations across the globe powered by Booking.com and agoda.
Through this collaboration, both companies aim to broaden and simplify travel solutions for travelers in Southeast Asia and around the globe.