Grab Holdings Inc plans to create an endowment fund, the GrabForGood Fund, with initial funding of US$275 million in cash and Grab shares, including US$25 million personal pledge in Grab shares from its co-founders and president. In a statement today, the superapp platform said the plan would seek to support programmes that would have lasting impact on the quality of life for its drivers-, delivery- and merchant-partners, as well as the broader community in the Southeast Asia. Grab said it would seed the fund with US$50 million in cash and US$200 million in expected value of Grab shares. In addition, Grab group chief executive officer and co-founder Anthony Tan, co-founder Tan Hooi Ling and president Ming Maa have pledged a combined of expected value of US$25 million in personal contribution of Grab shares. The fund will support a mix of programmes aimed at delivering long-term social and environmental impact, including in areas such as education, financial support for underserved communities and environmental issues.

Posted by

The Edge Markets