Aug 30, 2018

Partnership with Grab Velocity (Grab Ventures Accelerator)

Grab has introduced its innovation unit Grab Ventures to the Indonesian market and is aiming to invest IDR3 trillion (US$250 million) into startups based in the country.

The ride-sharing platform is keen to use the investment to help these startups scale up nationally and across South East Asia, by providing a blend of South East Asian market access, mentorship, technology capabilities and strategic investments.

In addition, Grab also announced a programme called Grab Ventures Velocity, to specifically support Indonesian startups in scaling stage, in support and partnership from the Ministry of Communication and Information Technology (Kominfo), Creative Economy Agency (BEKRAF), Amazon Web Services (AWS) and MDI Ventures, Telkom Indonesia’s corporate venture capital initiative.

“With the rapid growth of mobile connectivity and smartphone ownership, Indonesia can, and should, be the biggest digital economy in the region. Indonesia has been the home of some notable tech unicorns, and we believe more regional or global tech leaders can emerge from Indonesia,” said H.E. Rudiantara, Minister of Communication and Information Technology.

Grab Ventures will work with startups at multiple stages of growth in two ways:

- Strategic partnerships and integration with Grab’s services for mature startups. For example, Grab invested in Kudo and shared Grab’s capabilities and expertise. Kudo’s agent network has grown three times since.

- Grab Ventures Velocity for startups that are still scaling up. This is a 16-week programme to help participating companies scale up faster through access to assets, resources, capabilities and networks of Grab and its programme partners.

“We are pioneering IDEA Hub, a digital economy platform to accelerate economic access to G20 countries, another initiative to provide learning materials and best practices for Indonesia’s digital companies. On the other hand, Indonesian digital companies need to dream big like Grab, and thus I commend its commitment to mentoring and helping local startups to scale nationally and regionally.”

Grab recently secured US $2bn from a range of investors, led by Toyota, which it says it will use to drive its new ambitions to become an app to plug the online to offline (O2O) gap.

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(The Drum)