Grab Deepens Autonomous Mobility Push With $60 Million Investment In Vay

Southeast Asia’s Grab Holdings (GRAB) announced on Monday that it is investing $60 million in remote-driving technology provider Vay Technology in exchange for a minority equity stake in the startup.

The investment is subject to regulatory approval and expected to close in the fourth quarter.  

Investment Terms

The company added that the funding could increase to a total of $410 million if Vay hits certain milestones within the first year of funding. The financial and operating milestones include consumer revenue, U.S. cities covered, technology and safety standards, and obtaining regulatory approvals for operating in additional U.S. cities.

“We believe the future of mobility in Southeast Asia will be a hybrid model that relies on the expertise of our driver-partners alongside autonomous vehicles and remote driving services,” Grab CEO Anthony Tan said.

Tan also expressed optimism that the initial investment would accelerate Vay’s remote driving technology development and expansion in the U.S. Grab will further explore how Vay’s service model can complement Grab’s suite of mobility services in Southeast Asia.

The company noted that the investment supports its autonomous mobility strategy. Grab has previously also invested in other autonomous driving players, including WeRide and May Mobility.

Vay’s Modus Operandi

Vay caters to a segment of consumers who prefer not to own a car by offering an on-demand car rental service enabled by remote driving technology. Customers can request an electric vehicle to be remotely delivered to their location through the Vay mobile app. Once the vehicle arrives, the user takes over, driving it like a regular car. At the end of the trip, they exit the vehicle, and a remote driver resumes control. A remote driver, hence, operates the vehicles only at the beginning and end of each rental, allowing the remote driver to support more customer trips every hour.

Vay launched its remote-driven commercial fleet in Las Vegas in 2024. The company is now looking to expand its fleet.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around GRAB stock stayed within the ‘bullish’ territory while message volume stayed at ‘extremely high’ levels over the past 24 hours.

GRAB stock is up by 18% this year and by about 27% over the past 12 months. 

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