The fate of Ovo has been thrown into question however because the e-commerce platform Tokopedia merged with Gojek, a ride-hailing company that is Grab’s primary competition in the region. The combined GoTo, an internet giant in Indonesia, held a stake in Ovo alongside Grab, as the companies vied for leadership in Southeast Asia.
Grab Holdings Inc is boosting its ownership of the Indonesian mobile wallet provider Ovo to about 90% by acquiring stakes from PT Tokopedia and Lippo Group.
Singapore-based Grab, which plans to go public via a merger with Altimeter Growth Corp by the end of this year, increased its holding in PT Bumi Cakrawala Perkasa, Ovo’s parent, from about 39%, according to a filing with the ministry of legal affairs. Grab has been expanding beyond ride-hailing into financial services and originally invested in Ovo as part of that effort.
