Fashion
Ride-hailing Grab is acquiring Malaysian supermarket chain Everrise as part of its ongoing efforts to grow its grocery business in a vital market.
The company is purchasing the supermarkets from Navis Capital Partners but has not revealed the deal’s value, it said in an announcement Monday as reported by Bloomberg.
Everrise operates 19 high-end grocery in East Malaysia.
Grab intends to modernize Everrise’s operations with digital tools and introduce on-demand grocery delivery for its customers.
The move came three years after Grab’s acquisition of Jaya Grocer, a larger Malaysian chain primarily based in the Klang Valley near Kuala Lumpur.
As Southeast Asia’s leading ride-hailing and food delivery company, Grab is venturing into new sectors like online banking and groceries to stay competitive with rivals such as Indonesia’s GoTo Group.
