Grab Holdings Ltd. is a Singapore-based ride-hailing and food delivery company. It was founded in 2012 by Anthony Tan and Tan Hooi Ling as a taxi-booking app in Kuala Lumpur, Malaysia. Since then, the company has expanded to provide a range of services, including ride-hailing, food delivery, digital payments, and financial services, across Southeast Asia. Grab has become one of the most valuable start-ups in Southeast Asia and has expanded its operations to over 400 cities in 8 countries.
The company launched its ride-hailing service in 2013, and in the years that followed, Grab has expanded into other areas, including food delivery and digital payments. The company's food delivery service, GrabFood, was launched in 2016 and has become a significant part of the company's operations. In 2019, Grab launched a digital wallet called GrabPay, which allows users to pay for goods and services both online and offline. Grab has also expanded into financial services, offering loans, insurance, and other financial products to its customers.
Grab went public through a SPAC merger with Altimeter Growth Corp. in April 2021, in what was the largest SPAC merger to date. The deal valued Grab at around $40 billion, making it one of the most valuable tech companies in Southeast Asia. The merger provided Grab with $4.5 billion in cash, which the company plans to use to expand its operations and invest in new technologies.
Grab has faced regulatory challenges in some of the markets where it operates, including Indonesia and Vietnam, where it has faced pressure from local regulators over its market dominance. However, the company has also been praised for its efforts to support small businesses and local communities in the region, particularly during the COVID-19 pandemic. Grab has provided support to small businesses and drivers affected by the pandemic, as well as working with local governments to distribute aid and medical supplies.
In addition to its core operations, Grab has also invested in developing new technologies, including autonomous driving technology and electric vehicles. The company has partnered with automakers and other technology companies to develop self-driving cars and has launched a pilot program for electric vehicles in Indonesia. Grab has also committed to becoming carbon-neutral by 2025 and has pledged to invest $2 billion in renewable energy and other sustainable technologies.