Grab to stoke up ride-hailing competition in Indonesia with $250m investment
Singapore ride-hailing company Grab, which claims it holds 65 per cent of Indonesia’s ride-hailing market, will invest $250 million through its newly launched unit Grab Ventures in Indonesian startups over the next three years, as it aggressively pushes to cement its position in Southeast Asia’s largest economy.
It will choose startups working on “mobility, food, logistics, fintech and other online-to-offline challenges,” said country director Ridzki Kramadibrata.
“We hold 65 per cent of Indonesia’s ride-hailing market, as based on total rides and transactions,” Kramadibrata said on August 29, adding that “it won’t stop there, our market share is increasing.”
He estimates that Grab holds majority market share in 137 cities in Indonesia, compared with the company’s rival, Go-Jek, which holds about 50.
Kramadibrata noted he based his estimates on internal and third-party data that he declined to reveal. Grab recently raised $2 billion in fresh funding to expand in Indonesia, which it has earmarked as a priority market. Among its investors are Toyota and Softbank.
Go-Jek, in turn, has evolved from a ride-hailing service to a one-stop app allowing Indonesian clients to make online payments and order everything from food, groceries to massages. It is now expanding in Southeast Asia, to Vietnam, Thailand, the Philippines and Singapore. Go-Jek is backed by investors such as Google Ventures and Singapore’s state fund Temasek.
Singapore ride-hailing company Grab, which claims it holds 65 per cent of Indonesia's ride-hailing market, will invest $250 million through its newly launched unit Grab Ventures in Indonesian startups over the next three years, as it aggressively pushes to cement its position in Southeast Asia's largest economy. It will choose startups working on “mobility, food, logistics, fintech and other online-to-offline challenges,” said country director Ridzki Kramadibrata. “We hold 65 per cent of Indonesia's ride-hailing market, as based on total rides and transactions,” Kramadibrata said on August 29, adding that “it won’t stop there, our market share is increasing.” He estimates...
Singapore ride-hailing company Grab, which claims it holds 65 per cent of Indonesia’s ride-hailing market, will invest $250 million through its newly launched unit Grab Ventures in Indonesian startups over the next three years, as it aggressively pushes to cement its position in Southeast Asia’s largest economy.
It will choose startups working on “mobility, food, logistics, fintech and other online-to-offline challenges,” said country director Ridzki Kramadibrata.
“We hold 65 per cent of Indonesia’s ride-hailing market, as based on total rides and transactions,” Kramadibrata said on August 29, adding that “it won’t stop there, our market share is increasing.”
He estimates that Grab holds majority market share in 137 cities in Indonesia, compared with the company’s rival, Go-Jek, which holds about 50.
Kramadibrata noted he based his estimates on internal and third-party data that he declined to reveal. Grab recently raised $2 billion in fresh funding to expand in Indonesia, which it has earmarked as a priority market. Among its investors are Toyota and Softbank.
Go-Jek, in turn, has evolved from a ride-hailing service to a one-stop app allowing Indonesian clients to make online payments and order everything from food, groceries to massages. It is now expanding in Southeast Asia, to Vietnam, Thailand, the Philippines and Singapore. Go-Jek is backed by investors such as Google Ventures and Singapore’s state fund Temasek.
