in

Grab in talks to merge Indonesian payment firms to overtake Gojek: sources

SoftBank-backed ride hailer Grab is in talks to merge OVO, an Indonesian digital payment firm in which it owns shares, with an Ant Financial-backed local peer to build heft and power ahead of archrival Gojek, people familiar with the matter said.

A deal would see Singapore-based Grab buy a majority interest in Ant-backed DANA from Indonesian media conglomerate Elang Mahkota Teknologi (Emtek) and merge it with OVO, they said.

It could help OVO-DANA dominate Gojek in Indonesia’s multi-billion dollar online payments market. OVO and Gojek have been vying for the top spot in payments since 2018, with DANA not far behind.

Grab and Gojek are the top-two startup brands in South-East Asia, valued at US$14 billion (S$19.3 billion) and US$10 billion, respectively, according to sources. They compete in a host of areas including financial services, e-commerce, ride-hailing and food delivery.

What do you think?

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Leave a Reply

Your email address will not be published. Required fields are marked *

Hong Kong barber has shears confiscated after chopping off stranger’s ponytail

Finnair and LATAM launch codeshare partnership