Elang Mahkota Teknologi (Emtek Group), an Indonesian media conglomerate, is investing US$375 million in Grab — one of the largest unicorn startups in Southeast Asia.
Emtek holds a stake in several media companies, OMNI hospitals, e-wallet DANA, one of the largest e-commerce platform in Indonesia, Bukalapak and more.
Grab is a regional superapp, providing ride-hailing, food delivery, e-wallet and more. Emtek is investing in Grab’s Indonesia’s unit.
The deal is intended to help Grab expand its market in the digital payments sector, while increasing its stake in e-wallet OVO.