Grab continues its rapid expansion across Southeast Asia, once again raising another significant round of funding.
In a recent report, Emtek Group, Indonesia's leading TMT (technology, telecom, and media) conglomerate, has just invested $375 million in Grab.
“We hope that the collaboration between Grab and Emtek Group will create a positive impact on Indonesia’s economic recovery and accelerate a more equitable digital economy in the country. Hopefully, the synergy between Grab and Emtek Group will support Indonesia to be one of the big five digital economy countries in the world by inclusively embracing MSMEs, including providing technology that is friendly to all people, including people with disabilities, women, and MSMEs in frontier, outermost and least developed regions,” mentioned Airlangga Hartarto, Coordinating Minister for Economic Affairs of the Republic of Indonesia.
- The new investment is a strategic one for both Grab and Emtek, which seeks to combine forces to accelerate digitalisation among small businesses in Indonesia.
- This investment deal was reportedly a private placement sale of Emtek shares, approximating to 8.4% of Emtek’s capital.
- Both Emtek and Grab will also look to collaborate in other areas beyond digitalisation, ranging from logistics, e-commerce, financial services, telemedicine, advertising, offline kiosks, and beyond.
- Back in April, The Straits Times reported that Grab has acquired a 4% shareholding in Emtek.