Grab Holdings announced that it has signed definitive agreements to invest $60 million in Vay Technology, a provider of remote driving technology that enables on-demand car rentals without requiring customers to search for parking.
The investment is expected to close in the fourth quarter of 2025, following regulatory approvals, and will result in Grab holding a minority equity stake in Vay. Grab also has the option to invest up to an additional $350 million within the first year after closing if Vay meets the agreed financial and operational milestones.
Vay provides an on-demand electric vehicle rental service, where vehicles are remotely driven to a customer’s location. Once the vehicle arrives, the user drives it themselves for the duration of the trip, and remote drivers resume control at the end to collect and reposition the vehicle. The model lowers service costs by limiting remote driving to the first and final segments of the journey.
The service is designed for customers seeking flexible and affordable mobility solutions, and is currently deployed in Las Vegas, where Vay has completed tens of thousands of trips. The company uses a fully camera-based system designed to operate safely in dense urban environments, and its remote driving technology has been certified by German vehicle safety and transport authorities. Vay also intends to incorporate autonomous driving capabilities by leveraging data collected through remote operations.
Grab plans to support Vay’s operational expansion in the United States through its experience scaling on-demand transportation services across Southeast Asia. Grab views remote driving as part of its broader long-term mobility strategy, alongside autonomous vehicles and its network of driver-partners. The company expects the driving data gathered by Vay’s fleet to contribute to the development of AI models that improve autonomous vehicle perception and safety.
The agreement includes the issuance of new Vay shares to Grab along with zero-strike warrants that may become exercisable over three years based on performance milestones. If Vay achieves the required targets in revenue, U.S. market expansion, regulatory clearances, and technology and safety standards, Grab may acquire an additional equity stake of up to $350 million in new and existing shares. If all investment steps and warrant conditions are satisfied within three years post-closing, Grab could hold a majority equity interest in Vay on a fully diluted basis.
Vay’s investor base includes Kinnevik, Coatue, Atomico, General Catalyst, and Eurazeo. The company’s team comprises experts from the autonomous vehicle and automotive industries, and it is focused on deploying large-scale, shared electric, driverless fleets over the coming years.
KEY QUOTES:
“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. This initial investment will help accelerate Vay’s remote driving technology development and create valuable technical and operational synergies for Grab’s long-term mobility strategy. It will also support Vay’s expansion in the U.S., where they serve a growing segment of consumers who prefer not to be car owners and are looking for more flexible, affordable, mobility options.”
Anthony Tan, Chief Executive Officer and Co-founder of Grab
“As we plan to deploy tens of thousands of shared, electric, driverless vehicles over the coming years, we couldn’t be more excited to have one of the best operators in the world join us on this journey. Mr. Tan and I share the same vision of reducing private car ownership with on-demand, shared vehicle services, which makes Grab an ideal partner.”
Thomas von der Ohe, Chief Executive Officer and Co-founder of Vay
“I have backed Vay for years, and I am even more excited to see what its proven technology and product can achieve now that it is paired with Grab’s operational excellence. Vay’s focus on the driverless rental car space, a complement to robotaxes, offers its own unique massive market opportunity, and a long-term opportunity to replace private car ownership.”
Patrick Pichette, Investor and Former CFO of Google
