Southeast Asia’s super-app Grab Holdings launched GrabMaps, a new enterprise service, on Wednesday. Vietnam’s digital entertainment content provider Appota Group has raised an undisclosed amount in an investment led by Mirae Asset Venture Investment while robo-advisor Finhay has completed the acquisition of securities company Vina Securities.
Grab launches GrabMaps
Southeast Asia’s super app Grab Holdings launched GrabMaps, a new enterprise service, on Wednesday in a bid to tap into Southeast Asia’s $1-billion mapping market by leveraging its fleet and live data collected on a daily basis.
Grab began developing its own map and mapping service in 2017 to address specific needs that are not offered by other third-party mapping services, such as alternative routes for motorcycles and detailed meeting points.
In its new business-to-business offering, Grab allows companies to license data such as places, roads, traffic and imagery gathered from its driver-partners.
“We’re very proud that soon we will be fully self-powered by our own mapping and location-based technology. Commercialising this technology is another step forward for our young but fast-growing enterprise and new initiatives business,” Grab co-founder Tan Hooi Ling said in a statement.
Besides the base map data, Grab plans to launch application programming interface later this year and mobile software development kits in 2023, allowing developers to add more features to GrabMaps technology.
It also recently introduced its proprietary map-making camera Kartacam, which can be used by Grab partner drivers to collect data points throughout the day. The camera is currently being piloted by partner companies in Paris, Johannesburg, Dubai and Seattle.
Philipp Kandal, the head of engineering-geo at Grab, said in a press briefing on Wednesday that the company has partnered with several companies but is unable to disclose their names. He expects to announce the names in the second half of this year.
GrabMaps is set to add more revenue streams to the superapp, a much-needed boost for its financial woes. Grab’s losses in the January-March period stood at $435 million, a significant amount albeit 35% lower compared with $666 million in the year-ago period.
Mirae Asset Venture invests in Appota
Vietnam’s digital entertainment content provider Appota Group has raised an undisclosed amount in an investment led by Mirae Asset Venture Investment with participation from other strategic partners.
The firm has earmarked the investment for developing its blockchain ecosystem, including ChainVerse and AceStarter, based on its 10-year gaming publishing business, Appota said in an announcement.
The company’s entertainment ecosystem comprises over 55 million users globally. It is among the top three gaming publishers in the country and an official partner of the Facebook Gaming Creator network.
“As an Appota investor since 2017, Mirae’s guidance has been crucial to our focus on continuous innovation. This initiative will make blockchain technology more accessible for gamers, developers and community members,” said Appota Group co-founder and COO Anthony Tran.
Mirae Asset Venture invests in and supports innovative growth-stage technology companies around the world. The firm works with founders on strategy, M&A and restructuring initiatives to set the foundations for business scalability and success.
Finhay acquires Vina Securities
Vietnamese robo-advisor Finhay has completed the acquisition of securities company Vina Securities for an undisclosed amount, Fihay founder Nghiem Xuan Huy announced in a social media post.
The actual takeover of Vina Securities has been carried out since the end of 2021. “Finhay has officially bought and owned Vina Securities, becoming the first digital investment company to own a securities company. The acquisition of Vina Securities helps affirm its leading position in the field of digital investment and strengthens the reputation and trust of customers,” he wrote.
The move comes shortly after DealStreetAsia first reported in May that Singapore-based Openspace Ventures and mid-market private equity firm Vietnam Investment Group (VIG) were understood to have co-led a $25-million funding round for Vietnamese robo-advisor Finhay.
Finhay’s existing backer, Thien Viet Securities (TVS), also participated in the round, sources familiar with the matter told DealStreetAsia.
The new funding has brought the Vietnamese startup’s valuation to nearly $100 million, according to one of the sources.
Founded in 2017, Finhay allows users to invest in financial products, starting with just 50,000 Vietnamese dong ($2.2).
The company’s partners include asset managers such as TVS, IPA Asset Management, Dragon Capital, PVCombank and SSI; banking partners, including Techcombank, Viet Capital Bank and CIMB; insurance firms PTI, BIDV MetLife and VietinBank Insurance; as well as e-wallets such as MoMo and TrueMoney.