Grab to invest $250 million in Indonesian startups in race against Go-Jek

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Grab to invest $250 million in Indonesian startups in race against Go-Jek

Cindy Silviana
August 29, 2018

JAKARTA (Reuters) - Grab will invest $250 million in Indonesian startups over the next three years through its newly launched innovation arm, as the ride-hailing firm aggressively pushes to cement its position in the Southeast Asia’s largest economy.

The Singapore-based firm has raised $2 billion in funding in recent months and also launched the Grab Ventures arm to develop technology start-ups in sectors beyond ride-hailing as it locks horns with Indonesia’s Go-Jek for regional dominance.

“We are looking at startups in both series A and B, which we could integrate into our ecosystem,” Ridzki Kramadibrata, managing director for Indonesia, told Reuters.

The company, which counts Chinese ride-hailing firm Didi Chuxing and Japan’s SoftBank Group Corp among its backers, has already starting looking at startups and will start funding rounds later this year, he added.

Grab is interested in healthcare and food-and-grocery delivery startups as well as those that facilitate digital payments and automated processes, he added.

Grab’s rival Go-Jek has already evolved from a ride-hailing service to a one-stop app allowing Indonesian clients to make online payments and order everything from food, groceries to massages. It is now looking to expand in Southeast Asia, to Vietnam, Thailand, the Philippines and Singapore.

Kramadibrata said Grab is currently the top ride-hailing player in Indonesia and that he was confident the firm would be able to maintain the lead. The firm is valued at around $11 billion, according to sources.

“We hold 65 percent of (Indonesia’s) ride-hailing market, as based on total rides and transactions,” said Kramadibrata. “And it won’t stop there, our market share is increasing.”

He reckons Grab holds majority market share in 137 cities in Indonesia, compared with Go-Jek’s roughly 50.

More details in https://www.reuters.com/article/us-grab-...LE0BI?il=0
Specuvestor: Asset - Business - Structure.
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#2
theres no Grab thread right? will post this here then. if they execute this well, i think it'll be a gamechanger for a lot of ppl! instant remittance with minimal friction, hopefully.

GrabPay wallets to allow instant remittance overseas from early 2019

"RIDING on its vision to build the “Asean e-wallet” of choice, Grab on Thursday announced a remittance offering that will allow both banked and unbanked users to remit money instantly and securely to receivers in another country using their GrabPay wallets.

The remittance product, which was unveiled at the 33rd Asean Summit, will be launched in early 2019.

As opposed to existing options in the market, receivers can access transferred funds instantaneously, said Grab, calling the offering the region's first wallet-to-wallet remittance product."

https://www.businesstimes.com.sg/startup...early-2019
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