Heaptalk, Jakarta — Gojek’s competitor, Grab, announced its strategy acquisition of restaurant reservation platform Chope for an undisclosed amount. This ride-hailing company will take over Chope’s operations in Singapura, Indonesia, and Thailand. In more detail, Grab plans to integrate Chope’s services with its extensive merchant-partner base in the region. Nevertheless, this company has ensured that this acquisition will not lead to redundancies.
Previously, Grab is known to expand other services by enabling customers to purchase dine-in vouchers at restaurants through the GrabFood Dine-in service. For this reason, this strategic move is expected to increase Grab’s value-added value devoted to the merchants and solidify its position as the region’s preferred everyday super-app for consumers.
“Chope is a well-known and well-loved brand in Singapore, Indonesia, and Thailand. 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,” Grab’s Deliveries Head, Xin Wei Ngiam, said as cited in The Business Times.
Established in 2011, Chope obtained US$2.5 million in Series B funding led by local publishing house Singapore Press Holdings, which owns 27.8% of the startup, approximately US$1.4 million as of 2013. Since its inception, this company has served over 110 million visitors and supported the business performance of about 8,000 Asian restaurants, including Singapore, Hong Kong, Bangkok, Phuket, Shanghai, Bali, and Jakarta.
Chope has expanded to seven cities and established strong relationships with top restaurant partners, including Commonwealth Concepts, Jubo Group, Soho Hospitality, Lost Heaven, Dining Concepts, Hospitality Management Asia, Ismaya Group, and the Union Group. In Indonesia, this food and beverage company has cooperated with more than 1800 restaurants in Jakarta and Bali, with the support of over 50 team members.
Meanwhile, Grab deliveries revenue grew of 19%, or around 24% YoY on a constant currency basis, to US$350 million in Q1 2024. This fantastic growth was primarily attributed to robust GMV enhancement from its food delivery business and growing contributions from Jaya and advertising businesses.
The delivery segment adjusted EBITDA as a percentage of GMV, which stood at 1.6% in Q1 this year, amid more excellent optimization of its incentive spending as a percentage of Deliveries GMV, lowered overhead expenses, and increased contributions from advertising.
