Temasek adds stakes in Grab, Robinhood and other consumer-focused companies

Temasek had a value of US$278.81 billion as at March last year. PHOTO: ST FILE

NEW YORK (REUTERS) - Singapore’s investment company Temasek added new positions in a number of consumer-focused companies including ride-hailing and food delivery company Grab during the quarter that ended Dec 31, according to securities filings released on Monday (Feb 14).

Grab, which is headquartered in Singapore, is aiming to expand its reach as a leading super app in South-east Asia.

Co-founded by Mr Anthony Tan and Ms Tan Hooi Ling in 2012, it now operates across 465 cities in eight countries in the region.

The company first listed on Nasdaq last December via a special purpose acquisition company, raising US$4.5 billion (S$6 billion) and making it the largest listing by a South-east Asian company in the United States. 

According to its prospectus filed with the US Securities and Exchange Commission on Aug 2 last year, Grab will focus on expanding its package and grocery deliveries as well as financial and enterprise services for more growth.

In January, Grab completed its acquisition of Malaysia’s premium grocery chain Jaya Grocer. In a statement, Mr Tan said the move will help Grab make on-demand groceries more accessible in Malaysia and further accelerate the growth of its grocery delivery business.

Grab and Jaya Grocer also announced the roll-out of GrabPay and GrabRewards across all Jaya Grocer physical retail stores, expanding usage of Grab’s cashless wallet in the country.

In December, Grab revamped its GrabGifts interface to add new cross-border gifting features, allowing Grab users to send gifts on demand to people in Indonesia, Malaysia, Myanmar, the Philippines, Thailand and Singapore.

For the third quarter of 2021, Grab announced that gross merchandise value, that is, the total dollar value of transactions from its services, hit a record US$4 billion, up 32 per cent year on year.

However, revenues totalled US$147 million for the quarter, down 9 per cent year on year. Losses for the period swelled by more than 60 per cent to US$988 million. Grab will announce its full-year results on March 3.

Shares of Grab, which hit a high of US$17.15 after it listed, are now trading at US$5.92.
 
Meanwhile, Temasek also took stakes in brokerage firm Robinhood Markets and fashion company Rent the Runway, according to the filings.

Temasek, which had a value of US$278.81 billion as at March last year, also added a position in restaurant payment company Toast and sports betting firm DraftKings.

At the same time, the fund sold all its shares in Uber Technologies, Coinbase Global and Tencent Music Entertainment Group.

  • Additional reporting by Rosalind Tan

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