Singapore based ride sharing app Grab is set to announce its acquisition of Indonesia based online payment app Kudo in Grab's first major acquisition deal. Reuters reports the deal to be around $100m however TechCrunch believes the figure to be smaller.
Grab’s only previous acquisition was little-known Chinese ride-sharing startup Youche back in 2013. That deal was done to form Grab’s Beijing office, which is one of it global engineering bases. This time around, Grab is paying bigger money for a much more strategic deal. $3 billion-valued Grab recently pledged to spend $700 million in investment in Indonesia, and at least $100 million investing in startups. The Singapore-based firm, which raised $750 million in September, is making a play for Indonesia, which is Southeast Asia’s largest economy and has a population of over 250 million, as Uber increases its focus on the region following the sale of its loss-making business in China.