SINGAPORE (Reuters) – Indonesian media conglomerate Elang Mahkota Teknologi (Emtek) is investing $375 million in ride-hailing and payment firm Grab’s Indonesia unit, the companies said in a statement on Monday, in what they described as a “strategic alliance.”
The deal is the latest tie-up between Singapore-headquartered Grab, the region’s biggest ride-hailing and food delivery firm, and Southeast Asian conglomerates, including a strategic investment by Thailand’s Central Group in 2019.
The Indonesian conglomerate holds stakes in media companies as well as a controlling stake in e-wallet DANA and a stake in e-commerce site Bukalapak.
Two sources told Reuters that the deal is in part intended to lead to a shake-up in the digital payments sector and help Grab increase its stake in e-wallet OVO.
Reuters reported in 2019, citing sources, that OVO and DANA were in talks to merge.
Grab, OVO, DANA, and Emtek did not immediately answer requests for comment.
(Reporting by Fanny Potkin; Editing by Ed Davies)
