Wednesday, 22 May 2019 | 06:38 WIB

Supporting Startups, Grab Invests IDR3 Trillion, Introduces Grab Ventures

Illustration: Grab

JAKARTA, NNC - Ride-hailing service provider Grab released Grab Ventures in Indonesia to encourage the growth of startups in the country.

"Indonesia plans to become the largest digital economy country in Southeast Asia in 2020, Grab is in line with the plan," said Managing Director of Indonesia Ridzki Kramadibrata in Jakarta, Wednesday (08/29/2018).

Grab Ventures is the latest initiative of Grab 4 Indonesia's main plan for 2020, they poured investments worth USD250 million, equivalent to IDR3 trillion.

This investment value is designed for the next three years through the Grab Ventures Velocity program to support startups that want to develop further or scale up.

The 16-week program aims to help selected startups develop faster with support for assets, resources, expertise, including the Grab network.

Registration for the Velocity program opens until September 10 through the website.

Grab Ventures also provides cooperation with startups that enter the advanced or mature stage in the form of strategic partnerships and integration with a variety of Grab services.

Quoting Antara, Grab 4 Indonesia was announced for the first time in February 2017 with a commitment of USD700 million through the 2020 master plan so that the Indonesian people can turn to the digital economy.

Grab 4 Indonesia's main focus is to create technology jobs through the construction of a research and development center in Jakarta, which recruits more than 150 local engineers.

Grab 4 Indonesia also invests in technopreneurship, which is acquiring Kudo and partnering with OVO for payment systems.

Grab strives to increase financial inclusion, among others by working with OVO to provide digital wallets.