Financial Software | Jakarta, Indonesia | Acquisition
Grab, a company sometimes referred to as the Uber of Southeast Asia, is reportedly set to acquire online payment startup Kudo. Reuters has the deal valued at over $100 million, although TechCrunch pins it a bit lower. The acquisition comes a couple weeks after Grab announced plans to invest $700 million in Indonesia over the next four years, with $100 million earmarked for startups. Grab is VC-backed, most recently raising a $750 million round in September at a valuation that reportedly topped $3 billion. Existing Grab investors include firms like Vertex Ventures and GGV Capital, while Kudo is said to be backed by 500 Startups and East Ventures, among others.