Grab to Invest $60 Million in Remotely Driven Car Startup Vay

Grab Holdings Ltd., Southeast Asia’s largest ride-hailing provider, is investing $60 million in remote-driving service Vay to add to its bets in technologies for driverless vehicles.

The funding, which is subject to regulatory approval, could increase to a total of $410 million within a year after the initial investment if Vay hits certain milestones, the companies said in a joint statement on Monday. The deal is likely to close in the fourth quarter.