Singapore $14.6 Billion Ride-Hailing & Delivery Platform Grab to Consolidate Indonesia $1.6 Billion Digital Bank Superbank (PT Super Bank Indonesia) into Grab Financial Services Segment Which Will Become Subsidiary of Grab with >50% Shareholding, Singtel Shareholding in Superbank Transferred to GXS Bank (Grab & Singtel Joint venture)
22nd May 2026 | Hong Kong
Singapore ride-hailing & delivery platform Grab ($14.7 billion market value) has announced to consolidate Indonesia $1.6 billion digital bank Superbank (PT Super Bank Indonesia) into Grab Financial Services segment, which will become subsidiary of Grab with >50% shareholding in Superbank. Singtel shareholding in Superbank has been transferred to GXS Bank (Grab & Singtel Joint venture). Superbank – Superbank is an Indonesian bank with digital services supported by Grab, Emtek, Singtel, KakaoBank and GXS Bank listed on the Indonesia Stock Exchange since December 2025 with the latest market capitalization of US$1.6 billion. Superbank’s IPO strengthened its capital structure and elevated it to KBMI 2 status, a classification by Indonesia’s financial regulator, the OJK, denoting banks with core capital between IDR 6 trillion (US$ 340 million) and IDR 14 trillion (US$ 793 million), reflecting a stronger capital base and an expanded mandate to grow its lending and product offerings. Notwithstanding the consolidation, Singtel remains committed as a strategic investor to support GXS Bank as well as Superbank in their mission to drive greater innovation and financial inclusion for millions of Indonesians. In 2026 March, Grab announced to buy Delivery Hero Foodpanda Taiwan business for $600 million. In 2026 March, Grab ($14.7 billion market value) shareholders voted to approve to increase Grab Class B voting rights from 45 votes per share to 90 votes per share, while Class A voting rights remain as 1 vote per share. Grab co-founder & CEO Anthony Tan total voting rights will increase to 74.9%. Grab current market value at $14.7 billion, share price -29.7% YTD & -21.8% last 12 months. In 2026 March, Grab was proposing to double Grab Class B voting rights from 45 votes per share to 90 votes per share, while Class A voting rights remain as 1 vote per share. Grab co-founder & CEO Anthony Tan total voting rights will increase to 74.9%, with the Grab Extraordinary General Meeting (EGM) to be held on 24th March 2026 for voting on the proposed change in voting rights. In 2026 February, Grab announced to buy United States fintech company Stash Financial ($5 billion AUM) at $425 million valuation in cash & share deal. Stash Financial was founded in 2015 by Brandon Krieg, David Ronick & Ed Robinson. In 2026 January, Indonesia Telkomsel was reported to be unwilling to sell 2% stake in Indonesia GoTo (GoTo Gojek Tokopedia, $4.2 billion market value) to Singapore ride-hailing & delivery platform Grab ($18 billion market value) due to higher entry price in 2020 ($150 million convertible) & 2021 ($300 million equity). In 2025 November, Indonesia government was supporting the potential merger of Singapore ride-hailing & delivery platform Grab ($22 billion market value) & Indonesia GoTo (GoTo Gojek Tokopedia) with $4.4 billion market value, and Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $1 trillion assets is in talks to receive golden share (Right to outvote) in combined entity. In 2025 June, Grab issued statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
“ Singapore $14.6 Billion Ride-Hailing & Delivery Platform Grab to Consolidate Indonesia $1.6 Billion Digital Bank Superbank (PT Super Bank Indonesia) into Grab Financial Services Segment Which Will Become Subsidiary of Grab with >50% Shareholding, Singtel Shareholding in Superbank Transferred to GXS Bank (Grab & Singtel Joint venture) “
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Singapore $14.7 Billion Ride-Hailing & Delivery Platform Grab Buys Delivery Hero Foodpanda Taiwan Business for $600 Million
29th March 2026 – Singapore ride-hailing & delivery platform Grab ($14.7 billion market value) has announced to buy Delivery Hero Foodpanda Taiwan business for $600 million. In 2026 March, Grab ($14.7 billion market value) shareholders voted to approve to increase Grab Class B voting rights from 45 votes per share to 90 votes per share, while Class A voting rights remain as 1 vote per share. Grab co-founder & CEO Anthony Tan total voting rights will increase to 74.9%. Grab current market value at $14.7 billion, share price -29.7% YTD & -21.8% last 12 months. In 2026 March, Grab was proposing to double Grab Class B voting rights from 45 votes per share to 90 votes per share, while Class A voting rights remain as 1 vote per share. Grab co-founder & CEO Anthony Tan total voting rights will increase to 74.9%, with the Grab Extraordinary General Meeting (EGM) to be held on 24th March 2026 for voting on the proposed change in voting rights. In 2026 February, Grab announced to buy United States fintech company Stash Financial ($5 billion AUM) at $425 million valuation in cash & share deal. Stash Financial was founded in 2015 by Brandon Krieg, David Ronick & Ed Robinson. In 2026 January, Indonesia Telkomsel was reported to be unwilling to sell 2% stake in Indonesia GoTo (GoTo Gojek Tokopedia, $4.2 billion market value) to Singapore ride-hailing & delivery platform Grab ($18 billion market value) due to higher entry price in 2020 ($150 million convertible) & 2021 ($300 million equity). In 2025 November, Indonesia government was supporting the potential merger of Singapore ride-hailing & delivery platform Grab ($22 billion market value) & Indonesia GoTo (GoTo Gojek Tokopedia) with $4.4 billion market value, and Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $1 trillion assets is in talks to receive golden share (Right to outvote) in combined entity. In 2025 June, Grab issued statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Singapore $14.7 Billion Ride-Hailing & Delivery Platform Grab Shareholders Approved to Increase Class B Voting Rights from 45 Votes Per Share to 90 Votes Per Share, Class A Voting Rights Remain as 1 Vote Per Share, Grab Co-Founder & CEO Anthony Tan Total Voting Rights Increased to 74.9%, Current Market Value at $14.7 Billion, Share Price -29.7% YTD & -21.8% Last 12 Months
29th March 2026 – Singapore ride-hailing & delivery platform Grab ($14.7 billion market value) shareholders have voted to approve to increase Grab Class B voting rights from 45 votes per share to 90 votes per share, while Class A voting rights remain as 1 vote per share. Grab co-founder & CEO Anthony Tan total voting rights will increase to 74.9%. Grab current market value at $14.7 billion, share price -29.7% YTD & -21.8% last 12 months. In 2026 March, Grab was proposing to double Grab Class B voting rights from 45 votes per share to 90 votes per share, while Class A voting rights remain as 1 vote per share. Grab co-founder & CEO Anthony Tan total voting rights will increase to 74.9%, with the Grab Extraordinary General Meeting (EGM) to be held on 24th March 2026 for voting on the proposed change in voting rights. In 2026 February, Grab announced to buy United States fintech company Stash Financial ($5 billion AUM) at $425 million valuation in cash & share deal. Stash Financial was founded in 2015 by Brandon Krieg, David Ronick & Ed Robinson. In 2026 January, Indonesia Telkomsel was reported to be unwilling to sell 2% stake in Indonesia GoTo (GoTo Gojek Tokopedia, $4.2 billion market value) to Singapore ride-hailing & delivery platform Grab ($18 billion market value) due to higher entry price in 2020 ($150 million convertible) & 2021 ($300 million equity). In 2025 November, Indonesia government was supporting the potential merger of Singapore ride-hailing & delivery platform Grab ($22 billion market value) & Indonesia GoTo (GoTo Gojek Tokopedia) with $4.4 billion market value, and Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $1 trillion assets is in talks to receive golden share (Right to outvote) in combined entity. In 2025 June, Grab issued statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Singapore $15 Billion Ride-Hailing & Delivery Platform Grab Proposes to Double Class B Voting Rights from 45 Votes Per Share to 90 Votes Per Share, Class A Voting Rights Remain as 1 Vote Per Share, Grab Co-Founder & CEO Anthony Tan Total Voting Rights Will Increase to 74.9%, Grab Extraordinary General Meeting (EGM) to be Held on 24th March 2026 for Voting
16th March 2026 – Singapore ride-hailing & delivery platform Grab ($15 billion market value) is proposing to double Grab Class B voting rights from 45 votes per share to 90 votes per share, while Class A voting rights remain as 1 vote per share. Grab co-founder & CEO Anthony Tan total voting rights will increase to 74.9%, with the Grab Extraordinary General Meeting (EGM) to be held on 24th March 2026 for voting on the proposed change in voting rights. In 2026 February, Grab announced to buy United States fintech company Stash Financial ($5 billion AUM) at $425 million valuation in cash & share deal. Stash Financial was founded in 2015 by Brandon Krieg, David Ronick & Ed Robinson. In 2026 January, Indonesia Telkomsel was reported to be unwilling to sell 2% stake in Indonesia GoTo (GoTo Gojek Tokopedia, $4.2 billion market value) to Singapore ride-hailing & delivery platform Grab ($18 billion market value) due to higher entry price in 2020 ($150 million convertible) & 2021 ($300 million equity). In 2025 November, Indonesia government was supporting the potential merger of Singapore ride-hailing & delivery platform Grab ($22 billion market value) & Indonesia GoTo (GoTo Gojek Tokopedia) with $4.4 billion market value, and Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $1 trillion assets is in talks to receive golden share (Right to outvote) in combined entity. In 2025 June, Grab issued statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Singapore $17 Billion Ride-Hailing & Delivery Platform Grab to Buy United States Fintech Company Stash Financial ($5 Billion AUM) at $425 Million Valuation in Cash & Share Deal, Stash Financial Founded in 2015 by Brandon Krieg, David Ronick & Ed Robinson
14th February 2026 – Singapore ride-hailing & delivery platform Grab ($17 billion market value) has announced to buy United States fintech company Stash Financial ($5 billion AUM) at $425 million valuation in cash & share deal. Stash Financial was founded in 2015 by Brandon Krieg, David Ronick & Ed Robinson. Stash Financial – Regulated by the SEC, Stash is a U.S. registered investment advisor with more than $5 billion in assets under management. Through its subscription-based app, Stash serves over one million consumers with accessible investing, banking, and financial education tools designed to support long-term financial decision-making. Stash also offers StashWorks, a financial wellness solution for U.S. employers that helps employees build healthier financial habits through education and guided tools. In 2026 January, Indonesia Telkomsel was reported to be unwilling to sell 2% stake in Indonesia GoTo (GoTo Gojek Tokopedia, $4.2 billion market value) to Singapore ride-hailing & delivery platform Grab ($18 billion market value) due to higher entry price in 2020 ($150 million convertible) & 2021 ($300 million equity). In 2025 November, Indonesia government was supporting the potential merger of Singapore ride-hailing & delivery platform Grab ($22 billion market value) & Indonesia GoTo (GoTo Gojek Tokopedia) with $4.4 billion market value, and Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $1 trillion assets is in talks to receive golden share (Right to outvote) in combined entity. In 2025 June, Grab issued statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Indonesia Telkomsel Unwilling to Sell 2% Stake in Indonesia $4.2 Billion GoTo (GoTo Gojek Tokopedia) to Singapore $18 Billion Ride-Hailing & Delivery Platform Grab Due to Higher Entry Price in 2020 ($150 Million Convertible) & 2021 ($300 Million Equity)
26th January – Indonesia Telkomsel is reported to be unwilling to sell 2% stake in Indonesia GoTo (GoTo Gojek Tokopedia, $4.2 billion market value) to Singapore ride-hailing & delivery platform Grab ($18 billion market value) due to higher entry price in 2020 ($150 million convertible) & 2021 ($300 million equity). In 2025 November, Indonesia government was supporting the potential merger of Singapore ride-hailing & delivery platform Grab ($22 billion market value) & Indonesia GoTo (GoTo Gojek Tokopedia) with $4.4 billion market value, and Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $1 trillion assets is in talks to receive golden share (Right to outvote) in combined entity. In 2025 June, Grab issued statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Indonesia Government Supports Potential Merger of $22 Billion Ride-Hailing & Delivery Platform Grab & Indonesia $4.4 Billion GoTo (GoTo Gojek Tokopedia), Indonesia $1 Trillion Danantara Investment Authority (BPI Danantara) in Talks to Receive Golden Share (Right to Outvote) in Combined Entity
15th November – Indonesia government is supporting the potential merger of Singapore ride-hailing & delivery platform Grab ($22 billion market value) & Indonesia GoTo (GoTo Gojek Tokopedia) with $4.4 billion market value, and Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $1 trillion assets is in talks to receive golden share (Right to outvote) in combined entity. In 2025 June, Grab issued statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
$19 Billion Ride-Hailing & Delivery Platform Grab Issues Statement of No $7 Billion Takeover of Indonesia GoTo, Grab IPO on NASDAQ in 2021 & Current Market Value at $19 Billion, GoTo IPO on Jakarta Stock Exchange in 2022 & Current Market Value at $4 Billion
11th June – Singapore ride-hailing & delivery platform Grab ($19 billion market value) issues statement of no $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $19 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4 billion. In 2025 June, Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets was reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Indonesia $900 Billion Danantara Investment Authority (BPI Danantara) Planning to Acquire Minority Stake in Singapore $21 Billion Ride-Hailing & Delivery Platform Grab $7 Billion Takeover of Indonesia GoTo, Grab IPO on NASDAQ in 2021 & Current Market Value at $20 Billion, GoTo IPO on Jakarta Stock Exchange in 2022 & Current Market Value at $4.2 Billion
8th June – Indonesia state-owned investment firm Danantara Investment Authority (BPI Danantara) with $900 billion assets has been reported to be planning to acquire a minority stake in Singapore ride-hailing & delivery platform Grab ($21 billion market value) $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $21 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $4.2 billion. In 2025 May, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Singapore $20 Billion Ride-Hailing & Delivery Platform Grab Plans $7 Billion Takeover of Indonesia GoTo in 2025 May or June, Grab IPO on NASDAQ in 2021 & Current Market Value at $20 Billion, GoTo IPO on Jakarta Stock Exchange in 2022 & Current Market Value at $5.6 Billion
9th May 2025 – Singapore ride-hailing & delivery platform Grab ($20 billion market value) has been reported to be planning for a $7 billion takeover of Indonesia GoTo in 2025 May or June. In 2025 February, Grab was reported to be planning for a $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $20 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $5.6 billion. In 2023 November, Grab announced President Ming Maa to step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Singapore Ride-Hailing & Delivery Platform Grab Plans $7 Billion Takeover of Indonesia GoTo, Grab IPO on NASDAQ in 2021 & Current Market Value at $20 Billion, GoTo IPO on Jakarta Stock Exchange in 2022 & Current Market Value at $6 Billion
5th February 2025 – Singapore ride-hailing & delivery platform Grab has been reported to be planning for a $7 billion takeover of Indonesia GoTo. Grab IPO on NASDAQ in 2021 and has a current market value of $20 billion. GoTo IPO on Jakarta Stock Exchange in 2022 has a current market value of $6 billion. In 2023 November, Grab announced President Ming Maa will step down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. In 2022, Indonesia tech unicorn GoTo share price had fell 67% below IPO price with $10.1 billion market value (11/4/22 IPO Price 338, 2/12/22 Price 132), and with shares that had a lock-up date expiring on 30th November 2022. GoTo had IPO (Initial Public Offering) on Indonesia Stock Exchange (IDX), rising 13% on day 1 with $33 billion market value on 11th April 2022. PT GoTo Gojek Tokopedia was formed in 2021 with the merger of ride-hailing & payments company Gojek and e-commerce Tokopedia, raising $1.1 billion in the IPO. Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
$12.9 Billion Grab President Ming Maa to Step Down in April 2024 & Chief People Officer Ong Chin Yin Appointed as Board Director, Tan Hooi Ling to Step Down from Operational Roles & Directorship at the end of 2023 and to Remain as Advisor, Co-founded Grab with CEO Anthony Tan in 2012 and SPAC IPO in 2021 at $40 Billion Value
18th November 2023 – Southeast Asia ride-hailing & super-app Grab ($12.9 billion market capitalization 17/11/23) President Ming Maa will be stepping down as President in April 2024 and Chief People Officer Ong Chin Yin appointed as Grab Board Director. In May 2023, co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. Grab: “In the interim until end-April 2024, Maa will focus on his corporate development responsibilities as he transitions away from his role as President. Maa has played a pivotal role in the Grab journey since he joined in September 2016, including completing the company’s merger with Uber’s Southeast Asia operations in 2018 and supporting its public listing on NASDAQ in 2021 … … Grab does not intend to seek a replacement for the President role. Functions currently reporting to the President will be subsumed under other Grab leaders.”
$11 Billion Grab Co-Founder Tan Hooi Ling to Step Down from Operational Roles & Directorship at the end of 2023 and to Remain as Advisor, Co-founded Grab with CEO Anthony Tan in 2012 and SPAC IPO in 2021 at $40 Billion Value
27th May 2023 – Southeast Asia ride-hailing & super-app Grab ($11 billion market capitalization 26/5/23) co-founder Tan Hooi Ling (Malaysia citizen, estimated $200 million net worth) has announced to step down from operational roles & directorship at the end of 2023 and to remain as Grab advisor. Tan Hooi Ling co-founded Grab with CEO Anthony Tan in 2012 and listed Grab on Nasdaq in a SPAC IPO in 2021 at $40 billion value. Grab (25/5/23): Grab Holdings Limited (NASDAQ: GRAB) today announced that Tan Hooi Ling has informed its board of directors of her intention to step down from her operating roles at Grab, including her directorship, by the end of 2023. Tan will be transitioning into an advisory role with Grab moving forward. Tan co-founded Grab with Anthony Tan, Group CEO, in 2012, and worked at other companies in the US before rejoining Grab in April 2015. She led various operations and technology teams as COO until the appointment of Alex Hungate in January 2022. She currently leads Grab’s technology organization, and is mentoring the next-generation of technology leaders, including Suthen Thomas, Grab’s Group Chief Technology Officer, and Philipp Kandal, Chief Product Officer. Tan has also served as a member of Grab’s Board of Directors since its public listing in December 2021.” In 2022, Grab was facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day.
Grab Faces Investigation & Class Action Lawsuit, Falls 70% from IPO Price in 4 Months
11th March 2022 – Grab, Southeast Asia Ride-Hailing & Super App, is facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO. Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the latest financial update on 3rd March 2022 reporting revenue decline of 44% from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day. In the December 2021 IPO through a SPAC merger with Altimeter Growth Corp, Grab had claimed: “mobility business has been rising as lockdowns have been relaxed. Our payments business also continues to grow. We’re seeing all strong signs.” But in the March 2022 financial update, Grab attributed the poor financial results to “investing heavily” in driver incentives and stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.” See below for list of law firms announcing the investigation and for investors to file claims. (IPO ~ Initial Public Offering)
SPAC (Special Purpose Acquisition Company) is also popularly referred to as a blank cheque company, that allows the listed company without any existing businesses to raise capital through an IPO (initial public offering), and thereafter use the capital to invest into companies.
United States Law Firms Announced Investigations on Grab
- Glancy Prongay & Murray – Announces Investigation of Grab Holdings Limited (GRAB, GRABW) on Behalf of Investors
- Johnson Fistel – Encourages Shareholders with $20,000 in Losses to Conact the Firm Regarding Investigation
- Hagens Berman, National Trial Attorneys – Investigating Grab Holdings Limited (GRAB) For Possible Securities Law Violations, Investors With Significant Losses Encouraged to Contact Firm
- Robbins Geller Rudman & Dowd LLP – Announces Investigation into Grab Holdings Limited f/k/a Altimeter Growth Corp. and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact the Firm
- ROSEN – Encourages Grab Holdings Limited f/ka/ Altimeter Growth Corp. Investors with Losses in Excess of $100K to Inquire About Securities Class Action Investigation – GRAB, GRABW
- Portnoy Law Firm – GRAB Investors: Company Investigated
- Pomerantz Law Firm – Investigates Claims On Behalf of Investors of Grab Holdings Limited – GRAB
Grab IPO on Nasdaq in SPAC Merger with $40 Billion Market Value, Falls 20% on Day 1 with Founder Anthony Near Billionaire Status
In December 2021, Southeast Asia Ride-Hailing & Super App Grab IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. (SPAC ~ Special Purpose Acquisition Company, IPO ~ Initial Public Offering)
Grab to Receive $4.5 Billion
With the merger, Grab will receive approximately $4.5 billion, with $4.04 billion in private placement investment with key investors including BlackRock, Fidelity, T. Rowe Price, Janus Henderson, Nuveen, Mubadala (Abu Dhabi SWF), Permodalan Nasional (Malaysia SWF) and Temasek (Singapore SWF).
SWF ~ Sovereign Wealth Fund
Altimeter Growth Corporation
Altimeter Growth Corporation (Nasdaq: AGC) is a special purpose investment vehicle sponsored by Altimeter Growth Holdings (“Altimeter”), which is part of the Altimeter Capital Markets Platform, formed to invest in and help bring a world-class technology company to the public markets.
On April 13, 2021, Grab Holdings Inc., Southeast Asia’s leading superapp, announced it intends to go public in the U.S. through a SPAC transaction in partnership with AGC. The combined company expects its securities will be traded on the Nasdaq under the ticker symbol “GRAB” in the coming months.
Grab, founded in 2012
Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore. With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services. Today, Grab serves more than 187 million users in over 350 cities across 8 countries in Southeast Asia, including Singapore, Malaysia, Thailand Indonesia, Vietnam, Philippines, Cambodia and Myanmar. In 2020, Grab reported revenue of $1.6 billion and net loss (EBITA) of $800 million.
Grab Underwriters
With the SPAC merger with Altimeter Growth Corp, Grab will receive approximately $4.5 billion at a $39.6 billion valuation.
Evercore is the financial advisor to Grab for the transaction and JP Morgan and Morgan Stanley are co-advisors. JP Morgan and Morgan Stanley are the lead placement agents and Evercore and UBS are co-placement agents to Alimeter Growth for the private placement.
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