Unicorn report: Grab

June 30, 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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.