Grab says it holds 65% of Indonesia ride-hailing market

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(Aug 29): Grab holds 65% of Indonesia's ride-hailing market, its managing director for the country said on Wednesday.

The Singapore-based firm recently raised US$1 billion in fresh funding to expand in Southeast Asia biggest economy, which it has earmarked as a priority market.

Grab said in a statement on Wednesday it would invest US$250 million in Indonesian startups through its Grab Ventures arm, with a focus on firms involved in "mobility, food, logistics, fintech and other O2O (online to offline) challenges".