Grab Fintech Veteran Set to Depart for Indonesian Startup

(Bloomberg) -- Grab Holdings Ltd.’s head of lending plans to leave after six years at the firm to join three-year-old Indonesian startup BukuWarung, people familiar with the matter said, a setback for the ride-hailing giant’s fintech ambitions. 

Ankur Mehrotra, managing director of Grab Financial Group, plans to join Jakarta-based BukuWarung as a senior executive, the people said, asking not to be named as the matter is private.

His exit marks another high-profile departure at a ride-hailing and food delivery giant that’s been trying to delve deeper into financial services since 2017. The industry veteran, a former Standard Chartered and International Monetary Fund executive, was instrumental in building Grab’s lending business.

Mehrotra’s resignation comes after Wui Ngiap Foo, Grab’s former head of technology, quit to lead a cryptocurrency gaming venture, Bloomberg News reported last month. 

Representatives for Grab and BukuWarung declined to comment. Mehrotra didn’t immediately respond to requests for comment. 

Grab has slumped around 75% to a record low since its December debut via a merger with a blank-check company, hammered by disappointing earnings and worsening stock market sentiment.

It’s unclear what role Mehrotra will take up at BukuWarung. Founded in 2019, the company focuses on Indonesia’s micro, small and medium enterprises. Last year, it raised $60 million in a Series A round, led by Valar Ventures and Goodwater Capital.

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