Singapore’s Grab, known for its ride-hailing and food delivery offerings, is broadening its horizons by venturing into the competitive domain of restaurant reservations in Southeast Asia.
TechCrunch received confirmation from Grab regarding its recent acquisition of the Singaporean dining reservation service, Chope, for an amount that was not disclosed.
Following its purchase of HungryGoWhere in 2022, which marked Grab’s initial step into restaurant reservations in Singapore, this acquisition of Chope—boasting a network of 13,000 eateries in and outside Singapore, including locales in Hong Kong, China (Shanghai and Beijing), Indonesia (Bali and Jakarta), and Thailand (Bangkok and Phuket)—significantly enhances Grab’s footprint in this sector, aiming for a competitive edge and better profit margins.
A representative from Chope highlighted that the platform was exploring new investment avenues when Grab’s acquisition proposal surfaced.
“In evaluating possible purchasers, we saw a perfect alignment with Grab, a company sharing our vision of connecting diners with restaurants,” said the Chope spokesperson to TechCrunch.
Since its establishment in 2011, Chope has secured slightly above $64 million in funding from investors, including Ant Group and Singha Ventures, as reported by PitchBook, which placed its valuation near $101 million in 2022.
An internal email revealed that Grab informed its employees about the successful acquisition of Chope, detailing that it would take over Chope’s operations in Southeast Asia, excluding China and Hong Kong services. The Business Times was the first to break this story, citing the internal correspondence.
By integrating Chope, the ‘super app’ from Singapore aims to offer enhanced restaurant booking services across Southeast Asia, setting itself apart from competitors like GoTo and Line Man Wongnai. A Grab spokesperson mentioned to TechCrunch the anticipated synergy from Chope’s acquisition, which would bolster online-to-offline conversion opportunities for its food and beverage merchant-partners.
“A considerable share of our platform’s merchants are small to medium-sized enterprises lacking the resources and expertise available to larger F&B brands. We are committed to democratizing access to growth and management tools for these businesses, leveling the playing field,” stated the Grab spokesperson via email.
The landscape for restaurant reservations in Southeast Asia is notably saturated, with platforms such as Open Table, Eat App, Yelp, Oddle, Resy, Tock, Odette, Quandoo, and Eatigo vying for consumer attention. Additionally, in 2022, Grab’s investor Uber introduced a new feature via Uber Explore to facilitate dinner reservations and event bookings in 15 cities across the U.S. and Mexico.
This abundance of choices underscores the possibility of future market consolidation or perhaps positions Grab’s latest move as a strategic opportunity capture.
Compiled by Techarena.au.
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