Southeast Asian ride-hailing firm Grab to invest $700 million in Indonesia
Reuters
Published Feb 01, 2017 11:37PM ET
Southeast Asian ride-hailing firm Grab to invest $700 million in Indonesia
JAKARTA (Reuters) - Southeast Asian ride-hailing firm Grab on Thursday said it will invest $700 million to expand in Indonesia over the next four years, marking its biggest-ever investment in any country.
Grab's push in what has become its largest market is set to intensify the competition among ride-hailing firms in Indonesia. Grab's rivals in the country include U.S. firm Uber Technologies Inc [UBER.UL] and home-grown app Go-Jek.
Grab will open a research and development (R&D) center, start a new investment fund and develop its payment platform in Indonesia. It had also hired Indonesia's former national police chief to oversee corporate governance.
Grab said its R&D center in Jakarta will develop localized solutions such as algorithms to address the road regulations in the Indonesian capital. It will also invest up to $100 million in early-stage start-ups or aspiring "technopreneurs".
Grab, which was co-founded by Harvard Business School graduate Anthony Tan, raised $750 million in a funding round last September, more than a month after its Indonesian rival, Go-Jek, received $550 million from investors including KKR and Warburg Pincus.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.