Taxi and ride app service Grab has formed a strategic partnership with one of the Indonesia’s largest conglomerates to provide logistic services for online shopping.
It has signed up with Lippo Group’s MatahariMall, launched last year at a cost of $500 million
– the largest eCommerce investment in Indonesia. A competitor to Sequoia-backed Tokopedia, MatahariMall is aiming for $1 billion in sales within its first few years.
Formerly under the Singapore brand GrabTaxi, the company rebranded in January to reflect its extra services, including deliveries, beyond its original licensed taxi service.
“Technology can be a key driver of economic growth, and we are both invested in opening the digital economy to all Indonesians,” says Grab co-founder/CEO Anthony Tan of its deal with Lippo.
Backed by investors like Didi Kuaidi (China’s largest ride app), GGV Capital and SoftBank, Grab is reportedly valued at more than $1 billion. Its rivals include Uber and Indonesia-based Go-Jek, both of which are also entering the delivery/logistics space.