Grab raises stake in Indonesia’s Ovo to 90%, buys out Tokopedia

Grab is pushing into the Indonesian financial market, through acquiring a majority stake of mobile wallet provider Ovo from its competitor Tokopedia. — Bloomberg

Grab Holdings Inc. is boosting its ownership of the Indonesian mobile wallet provider Ovo to about 90% by acquiring stakes from PT Tokopedia and Lippo Group.

Singapore-based Grab, which plans to go public via a merger with Altimeter Growth Corp. by the end of this year, increased its holding in PT Bumi Cakrawala Perkasa, Ovo’s parent, from about 39%, according to a filing with the ministry of legal affairs. Grab has been expanding beyond ride-hailing into financial services and originally invested in Ovo as part of that effort.