Grab Holdings Ltd has completed its acquisition of a majority stake in mass-premium supermarket chain Jaya Grocer Holdings Sdn Bhd.
“It is our vision to make on-demand groceries more accessible for everyone. Jaya Grocer is known for their wide selection of good-quality fresh produce and grocery products.
“By combining our extensive on-demand delivery fleet and capabilities, with Jaya Grocer’s strong retail presence and supplier network, we 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,” said Grab group CEO and co-founder Anthony Tan in a statement.
In the same statement, Grab and Jaya Grocer announced it had rolled out GrabPay and GrabRewards across all Jaya Grocer physical retail stores, expanding the usage of Grab’s popular cashless wallet.
“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.
“This acquisition provides us with an amazing opportunity to not only grow as a company, but also grow the market for online grocery services in Malaysia,” said Jaya Grocer founder Teng Yew Huat.
According to Grab, on-demand grocery and specialty retail marketplace GrabMart 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 EBITDA accretive to Grab’s business, it added.
Moving forward, Grab is scaling its GrabMart marketplace by partnering with retailers to provide consumers with greater product variety and convenience.
“The acquisition enables Grab to bring more Jaya Grocer retail stores onto its marketplace, while also leveraging Jaya Grocer’s large supplier network to further expand its GrabSupermarket product line at lower costs.
“This in turn contributes to improved unit economics and overall affordability of grocery delivery,” it said. – THESTAR ONLINE
