Altimeter Growth Jumps Today: Grab Holdings Increases Its Stake In Indonesian Mobile Wallet Provider Ovo

Today, Altimeter Growth’s stock rose by 3.77% and traded at the price of $11.26. for this year, the indicators of the company’s stock decreased from the level of $16.75 to $11.01. the strongest drop was on October 4, the price fell to %10.09. Grab Holdings is purchasing interests in Ovo, an Indonesian mobile wallet provider, from PT Tokopedia and Lippo Group, bringing its total ownership in the company to nearly 90%. Grab is a Singapore-based startup that wants to go public after merging with Altimeter Growth Corp.

According to a statement from the Ministry of Legal Affairs, boosted its interest in PT Bumi Cakrawala Perkasa, Ovo’s parent company, from roughly 39% to about 50% by the end of this year. Grab is diversifying its business beyond travel to include financial services, and as part of this effort, it made an initial investment in Ovo. However, Ovo’s future has been called into question due to a partnership between the Tokopedia e-commerce platform and Gojek, Grab’s primary competitor in the region. As the companies competed for primacy in Southeast Asia, United GoTo, an Indonesian Internet behemoth, bought a stake in Ovo alongside Grab.