Ride-Hail­ing Co Grab to In­vest $700M in In­done­sia

The Economic Times - - Around The World -

Jakarta: Southeast Asian ride­hail­ing firm Grab on Thurs­day un­veiled a plan to in­vest $700 mil­lion in In­done­sia over the next four years, as trans­port app com­pe­ti­tion in the coun­try ac­cel­er­ates. The com­pany, whose main ser­vice in In­done­sia is an app for hail­ing pri­vate cars and mo­tor­bike taxis, said a key part of the in­vest­ment would be open­ing a re­search and devel­op­ment cen­tre. The move ups the ante be­tween ride-hail­ing ser­vices in Southeast Asia’s top econ­omy, where the grow­ing use of smart­phones and need for mo­tor­bike taxis in traf­fic-choked cities has led to ris­ing pop­u­lar­ity of trans­port apps. Sin­ga­pore­head­quar­tered Grab sees its main com­peti­tors in In­done­sia as US firm Uber and home­grown out­fit Go-Jek. AFP

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.