Grab buys Indonesia e-commerce startup Kudo
Acquisition sum is understood to be in the "high double-digit millions"
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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.
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