Ride Share company Grab acquires India-based payments Startup, iKaaz


Uber’s Southeast Asian ride-hailing competitor Grab said it has acquired an India-based payments startup, iKaaz, to help expand its digital payments platform GrabPay.

Earlier this month, the South Korean car maker, Hyundai announced that it had invested in Grab. Grab is expected to roll out services using some of Hyundai’s eco-friendly cars. Hyundai also announced that it was teaming up with Silicon Valley startup Aurora to work on self-driving cars, a shift away from its usual habit of making new tech by itself.

Grab announced that the flexibility and scalability of iKaaz’s technology made it ideally suitable for Southeast Asia’s diverse payments landscape and large unbanked population.The iKaaz team will join Grab’s research and development center in Bengaluru, India.

 

About Grab – Grab offers ride-sharing services in six countries across the region. And countless people like you, use our services every day. According to the company ‘”you are more than just a “number” to us. Like you, we too are Malaysians, Singaporeans, Indonesians, Thais, Vietnamese and Filipinos. You are our neighbours. Friends. Family. And whatever we do, it’s to drive all of us …”

About iKaaz – It offers a mobile payments platform for enterprises, business correspondents and merchants in developed and emerging markets to enable them to extend cashless transactions to their customers. Developed by domain experts with many years of experience in the mobile payments space, iKaaz is head quartered in Bangalore, India and caters to customers across the globe.

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