Former Grab Holdings head of lending Ankur Mehrotra is joining Indonesian fintech startup Julo, which focuses on digital lending, a Bloomberg report Noted.
Mehrotra was a former chief executive of Grab Financial and left the company earlier this year after six years in the role.
He was also a consultant briefly for BukuWarung, an Indonesian startup, and has now joined Julo. Mehrotra confirmed the move. His work at Julo will involve working on global strategy and corporate finance, including international expansion, fundraising, and mergers and acquisitions.
Julo’s work centers on enabling users to withdraw and send money, shop online and pay bills. The startup raised $80 million in a funding round last April.
His work with Grab included setting up the ridesharing provider’s car rental business. He also led debt fundraising and helped grow Grab’s lending business.
Grab said he is focused on sustainable growth going forward, aiming to focus on profitability by 2024.
Read more: Grab focuses on efficiency and profitability by 2024
The company was valued at around $10.8 billion in September this year, and it expects revenue to rise 45% to 55% next year. It wants to break even by the second half of 2024, on the group’s adjusted profit before interest, taxes, depreciation and amortization. And he wants to break even for his digital banking.
The company has a new solution called Just-in-Time Allocation, to improve the accuracy of food preparation time estimates. The new solution will allow orders to be assigned to drivers to arrive just before or just after the food is ready.
Grab wants to increase on-demand efficiency for key verticals and improve productivity. The new solutions have enabled drivers to make shorter stops, deliver larger batches and increase overall productivity. Grab recorded 19% higher batch rates and an 11% increase in rides per transit hour in August of this year.
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