Grab Holdings, a major player in South-east Asia’s ride-hailing and food delivery industry, is set to acquire Everrise supermarkets from Navis Capital Partners in Malaysia. This move is part of Grab’s strategy to strengthen its presence in the grocery sector within one of its primary markets.
The acquisition, announced on March 3, does not disclose the financial details of the transaction.
In Kuching, Everrise operates a chain of 19 premium grocery stores across Sabah and Sarawak, located in East Malaysia. Grab intends to modernize Everrise’s operations by digitalizing them and introducing on-demand grocery delivery services for its clientele.
This acquisition follows Grab’s previous purchase of Jaya Grocer, a larger grocery chain in Malaysia three years ago. The majority of Jaya Grocer’s outlets are situated in the Klang Valley area near Kuala Lumpur.
As competition in the industry intensifies, Grab is diversifying its services into new sectors such as online banking and grocery retail to stay ahead, particularly with rivals like Indonesia’s GoTo Group vying for market share.
