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Grab buys Indonesia e-commerce startup Kudo

Acquisition sum is understood to be in the "high double-digit millions"

Published Mon, Apr 3, 2017 · 09:50 PM

Singapore

GRAB said on Monday that it has acquired Indonesian e-commerce startup Kudo to boost its digital payments capabilities in Indonesia. While the acquisition sum was undisclosed, The Business Times understands it to be in the "high double-digit millions".

This marks Grab's first investment out of its US$700 million "Grab 4 Indonesia" 2020 master plan, and the second exit for SPH Media Fund, the investment arm of Singapore Press Holdings and an investor in Kudo.