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Grab to invest $700 million in Indonesia
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Grab CEO and co-founder Anthony Tan (via kompas.com/Courtesy of GrabTaxi)
R
ide-hailing app Grab has announced its plan to invest $700 million in Indonesia in the next four years, reinstating the importance of the country for the company.
The company will allocate the funds toward building a research and development center in Jakarta, provide funding for emerging startups with social purposes and increase mobile payment access, including with Grab's own GrabPay credit system, among others.
“As the biggest technology startup in Southeast Asia, we are delighted to invest significantly for Indonesia’s future and support the Indonesian transition into a full digital economy,” Grab CEO and co-founder Anthony Tan said in an official statement on Thursday.
(Read also: Grab appoints former National Police chief as chief commissioner)
The plan was part of the 2020 Grab master plan, Grab 4 Indonesia.
Last year, the company saw 600 percent growth for its GrabCar and GrabBike services, compared to the previous year.
It is currently available in eight cities in Indonesia including Jakarta, Bandung, West Java, Padang, West Sumatra, Makassar, South Sulawesi and Yogyakarta, among others. (bbn)
