Unicorn report: Grab

30 June, 2021

For all its storied growth and recognition, there is always something left unsaid about Grab. The Southeast Asian superapp is currently in the throes of re-aligning its annual financial reports with the US SEC’s audit standards so that its much-hyped merger with Altimeter SPAC sails through. The company is hoping for a successful Nasdaq listing in the fourth quarter of 2021.

Meanwhile, its COVID-hit Mobility vertical was pipped by the Deliveries and the Digital Financial Services (DFS) verticals in 2020 — a trend that is poised to continue through 2023 atleast. Within DFS, Grab is betting on a bigger share of revenues from its non-payment businesses such as insurance and loan disbursals.

Grab is, therefore, a unicorn in flux.

This report includes Grab’s latest financials, growth projections of its various verticals, voting rights of its top management, a profile of president Ming Maa, and more. We have also evaluated the possibility of Grab meeting GMV projections, the competition it faces from GoTo, and how its valuation compares with Sea Ltd and China’s Meituan.

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