Grab Holdings said Friday it plans to create a $275-million endowment fund to support programs that will have lasting impact on the quality of life of its drivers, delivery, and merchant-partners, and the broader community of Southeast Asia.
Grab said it would seed the fund with $50 million in cash and $200 million in expected value of Grab shares.
Grab Group chief executive and co-founder Anthony Tan, co-founder Tan Hooi Ling and president Ming Maa also pledged a combined $25 million in the personal contribution of Grab shares (expected value).
This brings the total initial fund size to $275 million.
“Since our founding, Grab has been dedicated to our mission of creating economic empowerment for everyone in Southeast Asia. The GrabForGood Fund will be a key pillar of our efforts to uplift Grab partners and our broader community, and represents a meaningful next step in our long-term commitment to Southeast Asia,” Tan said.
“The GrabForGood Fund will commence immediate work on meeting the urgent need for COVID-19 vaccines, where it’s not easily available. Over time, we’re planning to introduce other programs that will provide the foundation for social and economic mobility, and give more people access to opportunities to upgrade and improve their lives,” he said.
Tan said the fund would support a mix of programs aimed at delivering long-term social and environmental impact, including in areas such as education, financial support for underserved communities and environmental issues.
A “Fund Advisory Board” will be formed to give Grab partners and the broader Southeast Asia community strong representation in providing feedback and recommendations over how the funds will be spent.
As an immediate commitment, Grab allocated up to $20 million in cash from the fund to fully subsidize the cost of COVID-19 vaccines and vaccine administration of eligible drivers and delivery-partners who are not covered by a national vaccination program.
Grab said it started sourcing for vaccines and would look into setting up vaccine centers to inoculate eligible partners locally.
