Company - - Feb 13,2017
According to a source, Southeast Asian ride-hailing company, Grab is likely to announce a deal which will help it introduce its services to more customers.
According to the source, the deal may be declared as early as this week and Grab, the prime rival to the United States Company Uber Technologies Inc. in Southeast Asia, is betting the deal will help it expand in the world of online payment.
The source further added that this transaction will be funded from the $700 million Grab has pledged to invest in the South Asian nation, Indonesia, its largest market, over the next four years.
Both Grab and Kudo fully declined to comment on this matter.
According to Kudo website, it is an Indonesian startup technology company founded in 2014 which facilitates online transactions for Indonesian customers.
It aims customers with no bank accounts and in small towns and states, helping them to make buying online through company agents. Kudo builds a strong platform that links the online and offline world of e-commerce through technology.
Ride-hailing and logistics service provider, Grab's development is set to strengthen the race among ride-hailing companies in Indonesia. Its competitors in the nation of 250 million people include the US-based company Uber Technologies Inc. and home based transport company, Go-JEK.
Last year, Grab Co. teamed up with Indonesian multinational Lippo Group to launch a mobile payment platform. Under this partnership with Lippo Group, consumers can use the Grab’s app to make payments at Lippo's retail outlets through the nation.
Grab was co-founded by Harvard Business School graduate Mr. Anthony Tan, raised $750 million in a finance round in September 2016, more than a month after company’s Indonesian competitor, Go-JEK Transport Company, received $550 million from financiers including Warburg Pincus and KKR.
Grab now increases to more cities in the country including Jakarta, Yogyakarta, Bandung, Bali, Padang, Medan, Makassar and Surabaya.
The company further stated that it sees extremely active user engagement and stickiness across the firm’s multi-service platform, with one in three of Grab's Indonesian commuters using more than one Grab service.