Grab said that the acquisition marks its first investment of the USD 700 million it committed to investing in Indonesia over the next four years, as part of its “Grab 4 Indonesia’ 2020 plan.
In mid-February 2017, Grab was close to finalising a deal to buy Kudo, the largest online to offline ecommerce platform in Indonesia, for USD 100 million.
After closing the deal, Grab said the Kudo team and platform will be integrated with its mobile payments platform GrabPay. The two companies said they plan to explore opportunities to expand Kudo’s financial services to include insurance and consumer loans.
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