Grab announced today (May 25) that he will increase ride prices by $ 1 starting at 10 a.m., June 1st. The move is an attempt to improve driver earnings, said the giant who welcomes the ride.
The price increase will apply to all Grab transportation services except the standard taxi booking service, the GrabHitch shared transportation service and the GrabCoach service, Grab Singapore General Manager for Transportation Andrew Chan said in a message to drivers.
Grab said no commissions will be charged to increase the price of a base ticket by $ 1 from June 1 to 30, 2021, for further support to its partner drivers in these uncertain times.
Users will also be refunded 1 S $ for peak hours from 1 to 14 June 2021 with the promotional code ‘STAYSAFE’.
This is the first ticket price increase since 2017, and for the second time, Grab is adjusting the prices of its after-competition driving offers and the Singapore Consumer Protection Commission. lifted restrictions on him in November last year.
From April 22 this year, Grab raised platform fees for GrabFood and GrabMart at $ 0.30 per order. Prior to that, the fees were $ 0.20.
Grab said the fees for the platform will go towards maintaining existing features and developing new ones. The fees will go to investments in three areas – safety, security and efficiency.
Grab’s intentions to go public
Grab announced on April 13 that it intends to enter the United States market in partnership with Altimeter Growth Corp. (Nasdaq: “AGC”).
It is expected to be the largest U.S. offering ever owned by a Southeast Asian company. The combined company expects its securities to be traded on the NASDAQ under the symbol “GRAB” in the coming months.
The proposed transactions value Grab at an initial pro-forma capital value of approximately $ 39.6 billion ($ 53.16 billion) at a PIPE size of more than $ 4.0 billion ($ 5.37 billion), and Grab will provide approximately $ 4.5 billion billion) in cash.
Hornbeam plans to list via the SPAC route come after failed talks to merge with Indonesian rival who greets drivers Gojek.
Grab’s decision to become a public company was prompted by strong financial results in 2020, despite COVID-19. At the same time, the company has made significant strides toward profitability, with a key focus on building resilient business and achieving sustainable growth.
Credits for featured images: Bloomberg