Altimeter did not respond to requests for comment. If all goes according to plan, it will be the world’s largest SPAC deal, raising $4.5 billion and giving Grab a post-money equity value of $40 billion, according to public filings. Grab is expected to go public on Nasdaq via a merger with a SPAC sponsored by Altimeter Growth by year-end. Now Grab Holdings, with its main headquarters in Singapore, is poised for another transition in its journey from when Tan and his cofounder Tan Hooi Ling (no relation) launched the MyTeksi app in 2012 in his native Malaysia. “Grab’s business became actually even more resilient because we are the only player across the region that has this multi-vertical ability.” “Whether you are in ride-hailing, e-commerce delivery, GrabFood, GrabMart, it was literally a tab, you just switch on the tab ,” Tan says. As Grab says about itself: “We’re an all-in-one platform.” Tan credits this flexibility to Grab’s superapp strategy-customers only need one app if they want to order pizzas instead of rides. “We converted over 140,000 drivers in a very short period of time,” says Tan, including around 18,000 drivers in Malaysia in a single day. Tan says Grab asked its drivers to transport meals as well as people as pandemic-induced demand for food delivery spiked in the region (and worldwide).
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