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

  • 12/2/2021
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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 $40 billion. Here are some milestones for the Singapore-headquartered company: 2011: Anthony Tan and co-founder Tan Hooi Ling create Grab in a Harvard Business School venture competition plan 2012: Launches as MyTeksi taxi booking service in Malaysia 2013: Expands to the Philippines, Thailand, Singapore as GrabTaxi April 2014: Announces Series A funding June 2014: Launches in Indonesia December 2014: Japan"s SoftBank (9984.T) invests $250 million in a funding round August 2015: Becomes a unicorn after $350 million funding round December 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 services November 2017: Launches GrabPay payments service for third-party transactions March 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 service July 2018: Unveils "superapp" strategy that provides a range of services under one platform March 2019: Reaches valuation of about $14 billion December 2020: Wins digital full bank license in Singapore in a partnership with Singapore Telecommunications Ltd (STEL.SI) April 2021: Agrees to list on Nasdaq through a merger with special-purpose acquisition company Altimeter Growth Corp (AGC.O) securing a valuation of nearly $40 billion Compiled by Aradhana Aravindan in Singapore; Editing by William Mallard

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