Grab is emerging ride hailing Services Company in Southeast Asia covering the markets Indonesia, Malaysia, Vietnam, Singapore and Philippines. The company confirmed on Monday, that they are agreed to acquire Indonesian payment startup Kudo. According to Reuters, Grab is willing to pay Kudo $100 million.
Grab’s previous acquisition was a Chinese ride hailing startup Youche which was acquired back in 2013. According to techcurunch Grab is focusing on payments system now and has an investment plan of $700 million which would strengthen its position in Indonesia.
This investment plan reveals Grab’s future strategy, Grab believes that digital payment services would provide firm hold in Southeast Asian markets, not only this, the digital payments market is expected to grow from $2.5 billion to $13.1 billion by 2025. This is great opportunity for Grab to secure its strong position in the market with every coming year.