Grab acquires Malaysia'sEverrise supermarkets to expand grocery business

The deal value has not been disclosed.

Grab Holdings Ltd. is acquiring Malaysia’s Everrise supermarket chain as part of its expansion into the grocery sector, the company announced on Monday.

In a report by Bloomberg, the ride-hailing and food delivery giant is purchasing Everrise from private equity firm Navis Capital Partners, gaining control of 19 stores in Sarawak. Grab did not disclose the deal value.

The acquisition marks another step in Grab’s grocery push following its purchase of Jaya Grocer three years ago. The company plans to digitise Everrise’s operations and introduce on-demand grocery delivery services.

Southeast Asia’s largest ride-hailing platform is diversifying its business amidst rising competition from rivals such as Indonesia’s GoTo Group, expanding into areas like online banking and groceries.

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