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Grab acquires Kudo as first investment in four-year plan
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Grab acquires Indonesian online-to-offline (O2O) e-commerce platform Kudo in a deal that is part of the app’s masterplan for 2020. (shutterstock.com/Maxxa Satori /File)
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alaysia-based ride-hailing app Grab has acquired Indonesian online-to-offline (O2O) e-commerce platform Kudo in a deal that is part of the app’s masterplan for 2020 to invest up to US$700 million into Indonesia to expand its digital economy.
Through the acquisition, Grab plans to support and accelerate the expansion of Kudo’s agent network while also leveraging Kudo’s reach to bring in more riders, drivers and users into its platform.
Other plans on the agenda include efforts to expand Kudo’s financial offerings, such as insurance and consumer loans.
(Read also: Google in full gear to grab larger slice of cloud computing)
While Grab has not disclosed the specific amount allocated to acquire Kudo, an earlier report by Reuters stated that the figure might be US$100 million.
The Kudo platform will therefore be integrated into Grab’s mobile payments platform, GrabPay, a feature operated in collaboration with regional banks that enables Grab users to make cashless payments for the service.
“Combining Kudo’s innovative O2O e-commerce solution and extensive agent network with GrabPay’s vast consumer base will advance our mission to provide millions of people in Indonesia with increased access to convenient cashless payments and new income opportunities,” Grab president Ming Maa said on Monday.
Kudo CEO Albert Lucius noted that the acquisition will create a close cooperation between GrabPay and Kudo’s existing business. “Grab shares our vision of creating payment solutions that empower the unbanked to benefit from the rapid growth of e-commerce,” he said on Monday. (bbn)
