Grab makes play for startups to expand foothold in Southeast Asia
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GRAB is making a play for South-east Asian startups in a bid to further expand its foothold in the region, amid anti-competition probes after it announced last week that it will acquire rival Uber's regional business.
Through its new concept - Grab as a Platform - it will fund and support startups whose solutions have synergies with its various offerings, including transport, safety, payments and financial services. These startups will be able to tap Grab's platform to scale, such as by leveraging its user base or e-wallet tool for their own platforms.
Lim Kell Jay, head of Grab Singapore, told The Business Times in an interview on Tuesday: "We are actively looking at ways to support startups in South-east Asia. The goal is to build a unicorn within a unicorn."
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