ride-hailing industry

TIMELINE: Southeast Asia’s Grab takes a ride to $40-billion SPAC listing


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TIMELINE: Southeast Asia’s Grab takes a ride to $40-billion SPAC listing

MILESTONE. Grab's CEO Anthony Tan greets the chairman of Nasdaq APAC, Robert McCooey, at the Grab Bell Ringing Ceremony at a hotel in Singapore, December 2, 2021.

Caroline Chia/Reuters

Here are some milestones for Grab, from the time it was conceptualized in a Harvard Business School venture competition plan in 2011 to its Nasdaq listing in 2021

SINGAPORE – Southeast Asian ride-hailing and food delivery platform Grab Holdings listed on the 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 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

April 2021: Agrees to list on Nasdaq through a merger with special purpose acquisition company Altimeter Growth Corporation, securing a valuation of nearly $40 billion

December 2021: Lists on Nasdaq

– Rappler.com

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