Grab buys Indonesia e-commerce startup Kudo
Acquisition sum is understood to be in the "high double-digit millions"
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think