January 17, 2018 / 7:40 AM / 4 months ago

Ride-hailing firm Grab buys India-based payments startup

SINGAPORE (Reuters) - Southeast Asian ride-hailing firm Grab said it has acquired an India-based payments startup, iKaaz, to help expand its digital payments platform GrabPay.

FILE PHOTO - People wait for the start of ride-hailing company Grab's fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su/File Photo

Grab, which competes with Uber Technologies, said the flexibility and scalability of iKaaz’s technology made it ideally suitable for Southeast Asia’s diverse payments landscape and large unbanked population.

The iKaaz team will join Grab’s research and development centre in Bangalore, India.

The company did not disclose the deal value.

Last year, Grab bought Indonesian online payment startup Kudo.

Reporting by Aradhana Aravindan; Editing by Sherry Jacob-Phillips

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