Non -Auto Facts: Grab was founded by 2 Malaysians based in Singapore.
Grab, a transport and delivery company spread across Southeast Asia, made its debut on the Nasdaq on Thursday after a record $ 40 billion merger with special purpose acquisition company (SPAC) in a listing that shines a light on other companies in its region.
The backdoor listing on the Nasdaq marks the highest point for the Singapore -based company after 9 years of operating as a transportation app to date and operating in 400 cities in 8 countries offering food delivery services, payments, insurance and investment products.
Meanwhile, Grab's competitors including regional internet firm Sea and Indonesia's GoTo Group are also growing with Sea's revenue projected to double to $ 360 billion in gross turnover by 2025.
Grab was founded by Anthony Tan as Chief Executive and Tan Hooi Ling who developed the firm from an idea in a Harvard Business School venture competition in 2011.
They have expanded Grab into a regional operation with a range of services after first launching in 2012 as a taxi app in Malaysia and later moving its headquarters to Singapore.
The Grab listing has given bonus revenue to their early backers such as SoftBank Group Corp and Chinese aviation giant Didi Chuxing who have been investing since 2014 then followed by Toyota Motor, Microsoft and Japanese bank MUFG.
Uber also became a shareholder of Grab in 2018 after they sold its Southeast Asian business to Grab after nearly 5 years of competition.
Meanwhile, in September Grab cut its full -year earnings forecast and cited new uncertainties over epidemic restrictions on movement.
Its third -quarter revenue fell 9% and its adjusted loss before interest, taxes, depreciation and amortization (EBITDA) widened 66% to $ 212 million.
Grab aims to make a profit based on EBITDA in 2023.
Grab raised $ 4.5 billion with the SPAC deal, including $ 750 million from Silicon Valley technology investor Altimeter Capital Management in a deal in April.
