Grab recently bought a minority stake from the grocery startup HappyFresh. This was confirmed by Chris Yeo, Head of Grab Ventures.
“What’s best for both of us is to take a minority stake first. We will then support them through our platform, networks, and capital. Over time, if we see that there’s a great fit, we might go for a larger stake in them, “Yeo said, as quoted by DealStreetAsia.
Grab Ventures, which is the venture arm of Grab, prefers to invest in minority stake with an investment of around US$ 5-15 million at Series A stage onwards.
In July, Grab announced its partnership with HappyFresh to provide a groceries delivery service called GrabFresh. This service is part of Grab’s ambition to become an All-In-One App in the Southeast Asia region.
To cater to the ambition, Grab has carried out several collaborations with various parties, including several companies in the fields of online healthcare, news content, and payment.
Including the purchase of a minority stake from a Vietnamese mobile payment company called Moca, earlier this month.
This venture has also established partnerships with several major ventures such as Amazon Web Services, EDB, EDBI, and MDI ventures.
They claim to have received 300 investment requests from startups that will be reduced to only 8-10 investments for the next two years.
Grab Ventures had announced an investment allocation of US $ 250 million for Indonesian startups, which is one of the important markets for Grab, as well as their main rival, Go-Jek.
To be sure, competition maneuvers from both ride-hailing Unicorns will always be interesting to look forward to and observe.