The Singapore-based ride hailing firm Grab Holdings Inc. announced would invest US$250 million in Indonesian startup through its Grab Ventures arm. Grab Ventures also announced Grab Ventures Velocity, a program to specifically support startups in scaling stage. The  program is in association with the Ministry of Communication and Information Technology (CIT), Creative Economy Agency, and partners include Amazon Web Services and MDI Ventures, PT Telekomunikasi Indonesia Tbk’s corporate venture capital initiative.