KUALA LUMPUR: Grab Holdings Ltd has completed its acquisition of a majority stake in Jaya Grocer Holdings Sdn Bhd.
In a joint statement today, Grab and Jaya Grocer said they planned to work together to bring the convenience of on-demand grocery delivery to more consumers in Malaysia.
Grab and Jaya Grocer also announced the roll out of GrabPay and GrabRewards across all Jaya Grocer physical retail stores, expanding usage of Grab's popular cashless wallet.
They said the acquisition comes at a time of accelerated growth in on-demand grocery delivery services.
GrabMart, Grab's on-demand grocery and specialty retail marketplace, recorded three straight quarters of growth in the first three quarters of 2021.
Jaya Grocer also saw continued strong growth, with revenues growing at double digit rates year-on-year from 2018 to 2020, and is earnings accretive to Grab's business.
Grab group chief executive officer and co-founder Anthony Tan said by combining the company's extensive on-demand delivery fleet and capabilities, with Jaya Grocer's strong retail presence and supplier network, they can have these quality products delivered to more homes even faster.
"We believe this partnership will further accelerate the growth of our groceries delivery business, and we are excited by the immense opportunity ahead of us," he said.
Jaya Grocer founder Teng Yew Huat said the acquisition provided the company with an opportunity to not only grow as a company, but also grow the market for online grocery services in Malaysia.
"I have built Jaya Grocer from the ground up - from our first store in Klang Valley to over 40 stores today.
"Grab's strong track record and ability to execute in a hyperlocal way gives me confidence that I have found the right partner to take Jaya Grocer to new heights," said Teng.