Grab to invest $700 million in Indonesia

Jakarta: Southeast Asian ride-hailing firm Grab on Thursday unveiled a plan to invest $700 million in Indonesia over the next four years, as transport app competition in the country accelerates. The company, whose main service in Indonesia is an app for hailing private cars and motorbike taxis, said a key part of the investment would be opening a research and development centre. The move ups the ante between ride-hailing services in Southeast Asia’s top economy, where the growing use of smartphones and need for motorbike taxis in traffic-choked cities has led to rising popularity of transport apps. — AFP