Grab to fight Uber in Southeast Asia with $100M investment in startups

Grab to fight Uber in Southeast Asia with $100M investment in startups

Grab is upping its battle against Uber in Southeast Asia by announcing a flurry of new initiatives in Indonesia, the region’s largest economy and world’s fourth most populous country, which include setting aside $100 million to invest in startups.

Today the company, which is valued at $3 billion and claims 33 million downloads, announced what it is dubbing “Grab 4 Indonesia 2020.” It said the government-backed plan will put $700 million in investment to work in Indonesia, which is the largest of the six markets in serves in Southeast Asia, over the next four years via a range of activities. This push comes as Uber’s ramps up its focus on Southeast Asia (and India) now that it is disposing of its loss-making China business, which reportedly sucked up $1 billion per year.

The $100 million startup investment commitment, which Grab said is a minimum, is aimed at promising Indonesian companies and entrepreneurs that fit with Grab’s. It isn’t a formal corporate fund, and will be handled by Grab’s existing team in Indonesia alongside executives such as President Ming Maa, who joined from investor SoftBank last year and runs a range of operational areas for Grab.

Risk Warning:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Leave a Comment

ten − 5 =