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Southeast Asia’s Grab takes a ride to $40 billion SPAC listing -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a woman using her cellphone near Grab’s sign, an online ride-hailing platform. It was posted at Jakarta’s Manggarai railway station on July 3, 2017. REUTERS/AgoesRudianto/File photo

SINGAPORE, (Reuters) – Grab Holdings is a Southeast Asian ride-hailing company and food delivery service. Its deal with SPAC (the world’s biggest special purpose acquisitions company) was worth $40 billion.

Here are some milestones for the Singapore-headquartered company:

2011. Anthony Tan and Tan Hooi Ling, co-founders of Grab participate in the Harvard Business School competition to create Grab

2012: MyTeksi launches in Malaysia as a taxi booking system

GrabTaxi Expands to Thailand and Singapore in 2013.

April 2014: Series A funding announced

Indonesia Launches June 2014

December 2014: SoftBank Japan invests $250 Million in an investment round

August 2015: We become a unicorn with $350M funding

December 2015: Ola and Didi announce a partnership. Lyft (NASDAQ:), that was in direct competition with Uber (NYSE:).

Jan 2016: GrabTaxi rebrands Grab to better reflect its expanding service offerings

November 2017: GrabPay Payments Service Launched for Third-Party Transactions

March 2018, Uber acquires Uber Southeast Asia business through an all-share agreement. Uber is now a strategic shareholder

Pilots GrabFood delivery service in May 2018

July 2018, Unveils “superapp”, strategy offering a variety of services from one platform

March 2019: Reached valuation of around $14 billion

December 2020: In partnership with Singapore Telecommunications Ltd, wins digital full bank licence in Singapore

April 2021: Altimeter Growth Corp and Altimeter Growth Corp agree to be listed on Nasdaq by merging. This will result in a nearly $40 billion valuation

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