Categories Earnings, LATEST, Technology

Microsoft makes a strategic investment in Grab; becomes the cloud partner

Microsoft (MSFT) and Southeast Asia’s online platform Grab enters into a strategic partnership in which the former will invest an undisclosed amount in the latter. Grab will also use Microsoft Azure as its preferred cloud platform to strengthen its digital services across Southeast Asia.

As per the deal terms, the Redmond-based tech giant will make a strategic investment in Grab. Both the companies didn’t reveal how much the investment is. “Our partnership with Grab opens up new opportunities to innovate in both a rapidly evolving industry and growth region,” said Peggy Johnson, EVP at Microsoft.

Microsoft Grab strategic partnership
Ming Maa, President, Grab and Peggy Johnson, EVP, Microsoft Image Courtesy: Grab

The Singapore-based ride-hailing service provider will adopt Microsoft’s cloud platform Azure, utilizing the company’s intelligent cloud and AI know-hows to move up Grab’s platform efficiently and thereby increasing its competency.

Founded in 2012, Grab currently offers its services in 235 cities across Singapore, Indonesia the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia. The company provides commuting, food delivery, and payment solutions through its app.

Grab believes that Microsoft’s machine learning and AI capabilities, as well as Azure’s data analytics, will improve its customer services. “This partnership signals a deep collaboration with Microsoft on an array of technology projects, including big data and artificial intelligence, that will transform the delivery of everyday services and mobility solutions in Southeast Asia,” said Ming Maa, President of Grab.

In early August, Grab raised $2 billion through a Series-H funding in which Toyota was the main investor apart from some global financial institutions. As per Crunchbase, the company had raised so far $6.1 billion through various rounds of funding.

Uber, Grab merger happened without anti-trust approval, faces penalty

Meanwhile, shares of Microsoft which hit a fresh 52-week high ($116.18) on October 3, are trading up about 2% during Tuesday’s morning session from yesterday’s closing price of $110.85.

Most Popular

Earnings calendar for the week of May 3

Leading stock indexes retreated after gaining mid-week when Wall Street biggies like Apple and Amazon reported impressive quarterly numbers. The Dow Jones Industrial Average was down 190 early Friday, while

How did the first quarter of 2021 turn out for the airline industry?

The airlines sector was severely impacted by the disruption caused by the COVID-19 pandemic in 2020. A year later, the industry is still limping its way to a recovery. In

Amazon (AMZN) fine-tunes growth strategy to stay in the fast lane

The company that witnessed the strongest growth during the pandemic is probably Amazon.com, Inc. (NASDAQ: AMZN), which went into overdrive when the crisis triggered an online shopping boom. Taking a

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top