Grab, a Singapore-based “super app,” listed on the Nasdaq today via SPAC. Grab started out as a ride-hailing platform in 2012, but has since-branched into everything from food delivery to digital payments and investments. 🤑
Grab listed through a reverse merger with a SPAC created by the U.S.-based tech investment firm Altimeter Capital. The “super app” of Southeast Asia — also known as the Uber of Southeast Asia — is now valued at a whopping $40 billion. 💸 💸
Brad Gerstner, Altimeter’s CEO, said Grab has become a “powerful flywheel combining ride-hailing, delivery and payments [that has] demonstrated durable growth even during the pandemic and is playing a foundational role in the digitization of Southeast Asia.”
Grab hasn’t turned a profit yet, but its SPAC deal also involved a $4.5 billion private investment in public equity (code for: fundraise on top of the fundraise.) However, by midday today $GRAB shares crumbled 20%, erasing a fifth of its value post-merger. Anthony Tan, Grab Holdings’ Co-Founder and CEO, shared:
“Regardless of the stock price, our focus is on the super app [business model] and that is resilient in spite of COVID.” 🤷
$GRAB closed down 20.5% today.