You are here

Grab to invest US$700m in Indonesia

Thursday, February 2, 2017 - 13:46

37557584.1 (38581171) - 02_06_2016 - pixgeneric.jpg
South-east Asian ride-hailing firm Grab on Thursday said it will invest US$700 million to expand in Indonesia over the next four years, marking its biggest-ever investment in any country.

[JAKARTA] South-east Asian ride-hailing firm Grab on Thursday said it will invest US$700 million to expand in Indonesia over the next four years, marking its biggest-ever investment in any country.

Grab's push in what has become its largest market is set to intensify the competition among ride-hailing firms in Indonesia. Grab's rivals in the country include US firm Uber Technologies Inc and home-grown app Go-Jek.

Grab will open a research and development (R&D) centre, start a new investment fund and develop its payment platform in Indonesia. It had also hired Indonesia's former national police chief to oversee corporate governance.

Grab said its R&D centre in Jakarta will develop localised solutions such as algorithms to address the road regulations in the Indonesian capital. It will also invest up to US$100 million in early-stage start-ups or aspiring "technopreneurs".

sentifi.com

Market voices on:

Grab, which was co-founded by Harvard Business School graduate Anthony Tan, raised US$750 million in a funding round last September, more than a month after its Indonesian rival, Go-Jek, received US$550 million from investors including KKR and Warburg Pincus.

REUTERS

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom