Home ETF News Grab says it holds 65 percent of Indonesia ride-hailing market By Reuters

Grab says it holds 65 percent of Indonesia ride-hailing market By Reuters

by TradingETFs.com

© Reuters. A Grab motor driver is seen in a street in Jakarta

(Reuters) – Grab holds 65 percent of Indonesia’s ride-hailing market, its managing director for the country said on Wednesday.

The Singapore-based firm recently raised $1 billion in fresh funding to expand in Southeast Asia biggest economy, which it has earmarked as a priority market.

Grab said in a statement on Wednesday it would invest $250 million in Indonesian startups through its Grab Ventures arm, with a focus on firms involved in “mobility, food, logistics, fintech and other O2O (online to offline) challenges”.

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