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Grab says it holds 65 pct of Indonesia ride-hailing market

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Grab says it holds 65 pct of Indonesia ride-hailing market
A Grab employee uses the Apps to book a cab for passengers at the Ninoy Aquino International Airport (NAIA) in the metro Manila, Philippines, July 22, 2016. REUTERS/Romeo Ranoco   -   Copyright  Romeo Ranoco(Reuters)
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(Reuters) – Grab holds 65 percent of Indonesia’s ride-hailing market, its managing director for the country said on Wednesday.

The Singapore-based firm recently raised $1 billion in fresh funding to expand in Southeast Asia biggest economy, which it has earmarked as a priority market.

Grab said in a statement on Wednesday it would invest $250 million in Indonesian startups through its Grab Ventures arm, with a focus on firms involved in “mobility, food, logistics, fintech and other O2O (online to offline) challenges”.

(Reporting by Fanny Potkin & Cindy Silviana; Editing by Himani Sarkar)

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