Grab buys Malaysia supermarket chain to add to grocery push
By Olivia Poh
(Bloomberg) – Southeast Asia ride-hailing leader Grab is buying a chain of supermarkets in Malaysia, adding to its push to expand in groceries in one of its key markets.
The company is acquiring Everrise supermarkets from Navis Capital Partners, giving it 19 stores in the eastern Sarawak state. Grab didn't disclose the deal value in its statement on Monday.
Grab plans to digitise Everrise's operations and offer on-demand grocery delivery to its customers. The deal follows its purchase of bigger Malaysian chain Jaya Grocer three years ago.
Southeast Asia's largest ride-hailing and food delivery player is pushing into new areas, such as online banking and groceries, amid intense competition with rivals such as Indonesia's GoTo Group.
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