Grab has signed definitive agreements to invest in Vay, a remote driving technology company that operates an on-demand electric car rental service in the United States. The initial cash commitment is $60 million, with the deal subject to regulatory approval and other customary conditions, and Closing expected in the fourth quarter of 2025. Upon Closing, Grab will hold a minority stake, positioning the Southeast Asian super app to deepen its capabilities in autonomous and remote mobility.
Deal Structure and Path to Control
The transaction includes newly issued shares and zero-strike warrants that become exercisable if Vay meets specific milestones over three years after Closing. Grab also has the option to increase its investment by up to $350 million within the first year after Closing if financial and operational targets are met. If those steps are completed and all warrants become exercisable, Grab could potentially hold a majority interest in Vay on a fully diluted basis three years after Closing.
Strategic Rationale for Grab
Grab frames the investment as a way to advance a hybrid mobility vision that blends its driver-partner network with autonomous and remote driving services. By aligning with Vay, Grab seeks technical and operational synergies that support long-term mobility strategy while enhancing service reliability and efficiency. The move also complements recent autonomous driving investments, including stakes in players such as WeRide and May Mobility, and expands Grab’s exposure to U.S. mobility operations.
How Vay’s Model Works
Vay delivers a vehicle to the customer via a trained remote driver who controls the car until it arrives at the pickup point. The customer then drives the vehicle for the trip, and after drop-off, a remote driver reconnects to reposition or retrieve the car, which removes the friction of parking. Because remote drivers are only engaged at the beginning and end of trips, Vay can achieve higher utilization per operator and lower service costs than traditional ride hailing.
Technology, Safety, and Expansion
Vay’s system prioritizes automotive-grade safety and low-latency connectivity while using a fully camera-based, hardware-light stack. The company launched commercial remote-driven operations in Las Vegas in 2024, reporting tens of thousands of completed trips and deployments in high-density environments such as the Strip. Certification by German vehicle safety and motor transport authorities under rigorous automotive standards underpins its safety posture, and the firm plans to add autonomous features informed by remote driving data.
Milestones and Conditions for Additional Capital
The optional $350 million follow-on depends on Vay achieving consumer revenue thresholds, coverage across more U.S. cities, and meeting defined technology and safety standards. Regulatory approvals for new U.S. markets are also part of the criteria, reflecting the compliance requirements of scaling remote operations. If milestones slip beyond the first post-Closing year, Grab retains the right but not the obligation to proceed with the additional purchase.
Commercial and Ecosystem Fit
Grab brings experience operating large-scale mobility marketplaces across eight Southeast Asian countries and more than 800 cities, including marketing, product, and fleet management capabilities. The company expects to support Vay’s U.S. growth while evaluating how the remote delivery rental model could complement Grab’s offerings in Southeast Asia. Vay counts institutional backers such as Kinnevik, Coatue, Atomico, General Catalyst, and Eurazeo, alongside prominent individual investors, which underscores market confidence in its approach.
If approvals are granted and milestones are met, the deal gives Grab a clear roadmap from minority investor to potential majority owner. The partnership combines Vay’s cost-efficient, human-in-the-loop remote driving model with Grab’s operating scale and data ambitions in autonomy. For both companies, execution on safety, market expansion, and unit economics will determine whether remote-delivered rental cars become a mainstream alternative to private vehicle ownership.