Southeast Asia’s ride-hailing platform Grab is investing up to US$700 million in Indonesia over the next four years, according to the country’s Investment Coordinating Board, the Badan Koordinasi Penanaman Modal (BKPM).
Here are the quick facts about Grab’s US$700 million Indonesia investment:
Grab 4 Indonesia Master Plan
The investment, dubbed “Grab 4 Indonesia” master plan, supports Indonesia’s goal of becoming Southeast Asia’s largest digital economy by 2020, the BKPM said.
BKPM chief Thomas Lembog said Grab’s master plan underscores Indonesia’s conducive business climate.
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“We welcome companies like Grab who want to contribute to Indonesia’s economic progress and create jobs for Indonesians – to further strengthen the nation’s competitiveness in the global marketplace,” Lembog said
Grab R&D Center in Indonesia
Part of the US$700 million investment are the opening of a Grab R&D center in the capital Jakarta that will develop technology innovations for the Indonesian market, launching a social impact fund to invest in companies focused on deepening financial inclusion, and increasing access to mobile payments and financing opportunities across Indonesia.
In a statement, Grab said the R&D center in Jakarta will hire about 150 engineers over the next two years and will focus on developing innovations specific to Indonesia.
Grab Algorithm to Address Road Regulations
Grab will also introduce algorithms to address new road regulations in Jakarta and GrabHitch (Nebeng), a “bike-pooling” service that caters to nearly 1.4 million commuters in greater Jakarta.
Anthony Tan, Group CEO and Co-founder, Grab, said that as the largest homegrown technology startup in Southeast Asia, Grab is excited to make this significant investment and explore the tremendous opportunities it sees in Indonesia to help build and advance the country’s digital infrastructure and ecosystem.”
Grab is a Singapore-baed company valued at US$3 billion. – BusinessNewsAsia.com