72nd Day Of Lockdown

Maharashtra74860323292587 Tamil Nadu2587214316208 Delhi236459542615 Gujarat18117122121122 Rajasthan96526744209 Uttar Pradesh88705257230 Madhya Pradesh82835003358 West Bengal61682410364 Karnataka4063151453 Andhra Pradesh3971246468 Bihar3945174123 Telangana3020155699 Jammu and Kashmir260194631 Odisha238814169 Haryana2356105521 Punjab2301200044 Kerala149565112 Assam14862854 Uttarakhand9592225 Jharkhand6612965 Chhatisgarh5481211 Tripura4231730 Himachal Pradesh3401186 Chandigarh2972144 Puducherry88300 Manipur83110 Goa73500 Nagaland5800 Arunachal Pradesh3710 Meghalaya33131 Mizoram1410 Sikkim200
Technology Other News 13 Feb 2017 Uber rival Grab to b ...

Uber rival Grab to buy Indonesian online payment startup for over $100 million

REUTERS
Published Feb 13, 2017, 9:36 pm IST
Updated Feb 13, 2017, 9:39 pm IST
Founded in 2014, Kudo facilitates online transactions for Indonesian consumers
Grab's expansion is set to intensify the competition among ride-hailing firms in Indonesia.
 Grab's expansion is set to intensify the competition among ride-hailing firms in Indonesia.

Grab is likely to announce a deal to buy Indonesian online payment startup Kudo for over $100 million, a source close to the matter said, in a move that will help the Southeast Asian ride-hailing firm roll out its services to more customers.

This deal will be funded from the $700 million Grab has promised to invest in Indonesia, its largest market, over the next four years, said the person who declined to be identified as the information was not public.

 

Founded in 2014, Kudo facilitates online transactions for Indonesian consumers, according to its website. It targets consumers with no bank accounts and in small towns and cities, helping them to make purchases online through its agents.

The deal may be announced as early as this week, and Grab - the biggest rival to U.S. firm Uber Technologies Inc in Southeast Asia - is betting the transaction will help it expand in the online payment space, the person said.

Both Grab and Kudo declined to comment.

Grab's expansion is set to intensify the competition among ride-hailing firms in Indonesia. Its rivals in the country of 250 million people include Uber and home-grown firm Go-Jek.

Grab teamed up last year with Indonesian conglomerate Lippo Group to roll out a mobile payment platform. Under the partnership, customers can use the Grab app to make payments at Lippo's retail outlets across the country.

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.

Click on Deccan Chronicle Technology and Science for the latest news and reviews. Follow us on Facebook, Twitter

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT