Grab buys Indonesia shopping platform to expand battle with Uber

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.