Grab, a ride-hailing and mobile payments platform in Southeast Asia, is to acquire Kudo, a O2O (online to offline) ecommerce platform in Indonesia.
The amount of the deal was not disclosed.
Established in July 2014 by Albert Lucius, a former analyst at Goldman Sachs and product engineer at Apple, and Agung Nugroho, a former consultant at Boston Consulting Group, Kudo provides an O2O platform that enables Indonesia’s unbanked consumers to shop online by connecting them with online merchants and service providers via its network of more than 400,000 authorized agents in 500 towns and cities across remote towns and rural areas of Indonesia.
The company services through partnership with various merchants & suppliers, ranging from cell-phone top-up, bill payments, online shopping, all the way to fin-tech & digital payment services.
Upon closing, the Kudo team and platform will be integrated with Grab’s proprietary mobile payments platform, GrabPay.
Grab plans to support and accelerate the expansion of Kudo’s agent network while also leveraging its reach to bring more riders, drivers and GrabPay users onto its platform. Additionally, Grab and Kudo also plan to explore opportunities to grow its financial services offering, including insurance and consumer loans.