Super app from Southeast Asia According to Chope’s regulatory filings, Grab Holdings has purchased the online restaurant reservation platform with its headquarters located in Singapore.
As per the records made with Singapore’s Accounting Corporate and Regulatory Authority (ACRA), major shareholders, who include Ant Group and venture capital firm Square Peg Capital, transferred their shares to H Holdings Inc., a unit of Grab, last week.
Business Times broke the story first, quoting a memo that Grab’s head of deliveries, Ngiam Xin Wei, addressed to staff members.
In order “to build a stronger, more holistic online-to-offline value proposition for merchants and users in Southeast Asia,” Grab and Chope will collaborate after the acquisition.
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In the near future, Grab plans to begin cross-selling Chope’s services to its network of merchant partners throughout the region, seeing “a lot of potential” to do so. To prevent any disruptions to Chope’s services for merchants and customers, the company brand, app, and website will stay unchanged for the time being.
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There won’t be any job losses at Grab as a result of the acquisition, but Ngiam stressed that the acquisition’s success depends on the “strong collaboration between the Grab and Chope teams” and that staff members must offer “full support in (their) various capacities to help make this transition a smooth and seamless one.”
Additionally, the acquisition will help Grab maintain its status as users’ “preferred everyday superapp.”
Chope has raised more than $56 million from backers like as SIG, Openspace Ventures, and SPH Ventures. After Square Peg, Ant Group was the startup’s biggest investor, having made its first investment in 2021.
“Chope is a well-known and well-loved brand that operates in Singapore, Indonesia and Thailand,” Ngiam said in the e-mail. “They have mature reservations and table management system, which we believe will bolster our omni-commerce strategy, and help accelerate our efforts to capture the dining out opportunity.”
About Chope
Chope makes eating simple. The top eating app in Asia links customers and establishments more frequently for unique dining experiences.
About Grab
Grab is Southeast Asia’s premier superapp, delivering deliveries, mobility, financial services, enterprise, and more.
