Money in the tank: Grab's ride from Harvard project to $54.6b US listing

Grab debuts on Nasdaq on Dec 2 via the world's largest Spac deal worth US$40 billion (S$54.6 billion). ST PHOTO: KELVIN CHNG

SINGAPORE (REUTERS) - South-east Asian ride-hailing and food delivery platform Grab Holdings debuts on Thursday (Dec 2) on Nasdaq via the world's largest special purpose acquisition company deal worth US$40 billion (S$54.6 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 US$250 million in a funding round

August 2015: Becomes a unicorn after US$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 South-east 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 US$14 billion

December 2020: Wins digital full bank licence in Singapore in a partnership with Singtel

April 2021: Agrees to list on Nasdaq through a merger with Altimeter Growth Corp, which is the Spac, securing a valuation of nearly US$40 billion

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