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Grab acquires 19 Everrise supermarkets in Malaysia from Navis Capital

Mary Alavanza
By Mary Alavanza

Singapore-based multinational technology company Grab Holdings has acquired Malaysian supermarket chain Everrise from Navis Capital Partners, gaining control of 19 stores in Sarawak. However, the company did not disclose the deal’s value in its statement on Monday (March 3).

According to Bloomberg, Grab plans to digitise Everrise’s operations and provide customers with on-demand grocery delivery.

This is not Grab’s first step into the grocery market in Malaysia. Three years ago, it acquired Jaya Grocer, a larger Malaysian supermarket chain.

Grab, Southeast Asia’s biggest ride-hailing and food delivery company, is expanding into new areas, such as online banking and groceries, as it faces strong competition from rivals like Indonesia’s GoTo Group.

Meanwhile, in Singapore, Grab Singapore’s managing director, Yee Wee Tang, announced that the company is looking into the use of autonomous vehicles (AVs) to “fill the gaps” in its ride-hailing services on routes that are not as popular with drivers. /TISG

Read also: Grab shares plummet 11% after revenue forecast misses estimates

Featured image by Depositphotos (for illustration purposes only)

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