Maybank Investment Bank said Wednesday that it sees stable-to-improving competition in the mobility segment in Indonesia and Singapore.

The research house said in a note that its on-demand-service (ODS) pricing tracker in Indonesia and Singapore reflects stable-to-rising prices while competition remains rational.

According to Maybank, Grab’s affordability strategy is gaining traction, with competitive pricing in both mobility and food delivery while its discount to Gojek is widening.

Meanwhile, Xanh SM’s Indonesia expansion remains on track with rational pricing, not predatory.

“ODS drivers demanded a lower take-rate in a mass protest in Jakarta, but we view this as a business dynamic,” it said.

It is noted that in Indonesian four-wheeled (4W) vehicles, Grab and Gojek fares are up 13 percent and 23 percent year to date, respectively, with Gojek pricing now at a 13 percent premium to Grab.

Xanh SM’s pricing at IDR5,762 ($0.35)/km is at the mid-point of Grab and Gojek reflecting its rational approach despite being a new player.

In Indonesian two-wheeled vehicles (2W), GoJek fares are up 15 percent year to date while Grab is down 3 percent.

In Singapore, mobility pricing is relatively stable although Maybank sees month on month seasonality and varying trends among operators.

It noted that in Indo food delivery, pricing remains relatively stable although there remains a material variability among operators.

It is also noted that in Indonesia, Gojek’s 4W fares are at a 13 percent premium to Grab while 2W is at a 2 percent premium.

On the other hand in Singapore, Maybank noticed Gojek and Tada prices have increased 14 percent and 9 percent year on year while Grab’s pricing has dropped 2 percent.

Gojek fares are consistently at a premium to Grab (May-25 premium at 8 percent) while Tada’s discount to Grab has narrowed to -2 percent versus -12 percent to -19 percent in 2024.

In Indonesian food delivery, Grab is aggressive at 25 percent cheaper than Go-Food (on average order value) and 19 percent cheaper than ShopeeFood.

“Recall that Grab unveiled multiple initiatives to make its services more affordable during its inaugural GrabX event in Apr-25 which is now hitting the ground as reflected in our trackers,

“We don’t think Grab’s affordability push is coming at the cost of margins,” said the research house.

According to Maybank, Xanh SM’s (GSM) Indonesia operation remains on track with about 3,000 vehicles, five large depots, and five mini-depots (support fast charging of
10-12 cars).

It highlighted that GSM is expanding to South Tangerang and Bekasi and will add more cities.

“Based on our discussions with drivers, they can roam 150-200km/day and are willing to move due to cheaper cost/km (charging cost is about IDR50-70,000/day),

“GSM implements a hybrid model (hailing price is similar to the mobile app price, using Xanh Now) with an intuitive UI/UX experience (OVO as primary payment, and now supports Go-Pay, Dana),” it said.

Price-wise, it noted GSM implements dynamic pricing (app: IDR4,838-8,562/km – median: IDR5,762/km, based on its April-May research).

Hence, it sees GSM’s price aligns with the market price (not predatory pricing).

“We believe, taxi/ORH must compete on value (price vs. service and safety level), while drivers will seek better compensation,” said Maybank. 


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