Southeast Asia's Grab takes a ride to US$40 billion SPAC listing

Southeast Asia's Grab takes a ride to US$40 billion SPAC listing

2/12/2021 10:01:00 AM

Southeast Asia's Grab takes a ride to US$40 billion SPAC listing

SINGAPORE : Southeast Asian ride-hailing and food delivery platform Grab Holdings lists on Nasdaq via the world's largest special purpose acquisition company (SPAC) deal worth US$40 billion.

2011: Anthony Tan and co-founder Tan Hooi Ling create Grab in a Harvard Business School venture competition plan2012: Launches as MyTeksi taxi booking service in Malaysia2013: Expands to the Philippines, Thailand, Singapore as GrabTaxiApril 2014: Announces Series A funding

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June 2014: Launches in IndonesiaDecember 2014: Japan's SoftBank invests US$250 million in a funding roundAugust 2015: Becomes a unicorn after US$350 million funding roundDecember 2015: Announces a strategic partnership with other ride-hailing companies Ola, Didi, and Lyft that competed against Uber

January 2016: Rebrands to Grab from GrabTaxi to reflect expanding servicesNovember 2017: Launches GrabPay payments service for third-party transactionsMarch 2018: Announces acquisition of Uber's business in Southeast Asia through an all-share deal, Uber becomes a strategic shareholder

May 2018: Pilots GrabFood delivery serviceJuly 2018: Unveils"superapp" strategy that provides a range of services under one platformMarch 2019: Reaches valuation of about US$14 billionDecember 2020: Wins digital full bank license in Singapore in a partnership with Singapore Telecommunications Ltd

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April 2021: Agrees to list on Nasdaq through a merger with special-purpose acquisition company Altimeter Growth Corp securing a valuation of nearly US$40 billion (This story has been refiled to correct slug to LISTING, not IPO; no change to story text)

(Compiled by Aradhana Aravindan in Singapore; Editing by William Mallard)

Read more: CNA »

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