Overview
- The cash investment requires regulatory approval and is expected to close by the end of 2025, according to the companies.
- Grab will receive new shares and zero-strike warrants, with additional equity available if Vay meets financial, operating, and regulatory targets within the first year.
- Milestones for releasing the extra $350 million include consumer revenue, the number of U.S. cities covered, technology and safety standards, and approvals to operate in more U.S. markets.
- Vay operates a remote-driven vehicle delivery service in Las Vegas and plans to use the funding to scale in the United States, saying its hybrid model costs about half as much as ride-hailing.
- Grab does not plan to run services in the U.S., instead supporting Vay’s growth and exploring Southeast Asia synergies, with driving data viewed as useful for training autonomous-driving AI; the structure could enable a majority stake over time.