The successful cash-injection just a month after Indonesian peer Go-Jek raised US$550mil highlights the intensifying competition in the region, as Uber shifts its focus following a deal to sell its China operations into Didi Chuxing.
SINGAPORE: Grab, Uber Technologies Inc’s biggest rival in South-East Asia, will acquire Indonesian e-commerce startup Kudo for an undisclosed amount, striking its first deal since pledging to invest US$700mil in its largest market.
The purchase is aimed at beefing up payment services while expanding its reach across South-East Asia’s largest country. The Singapore-based ride-hailing firm also announced it’s hiring former Euronet Worldwide Inc executive Jason Thompson to head GrabPay.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
