To further cement its position there, Grab in July formed a strategic alliance with Indonesian tech and media company Elang Mahkota Teknologi (Emtek), which invested $375 million in Grab’s Indonesian unit. With a trillion-dollar economy and close to 300 million people, Indonesia is crucial to Grab’s regional ambitions as its largest market in Southeast Asia-and it’s the only country in Grab’s ecosystem with its own dedicated country president and country managing director. Although GoTo also operates in Singapore and Vietnam through Gojek, it’s most entrenched in its home market. The first among them is GoTo, the Indonesia-based superapp company that was formed in May by a merger of superapp company Gojek with the Indonesian e-commerce company Tokopedia. Grab CFO Peter Oey agrees: “In the countries we operate in today, we’re just scratching the surface.”Ĭiting Euromonitor data, Grab claims to be the market leader in GMV or total payment volume (TPV) in all its key businesses in Southeast Asia, where it operates in eight countries. “I’m really excited about the future,” says Tan. The region’s total addressable market for food delivery, ride-hailing, digital wallet payments and digital financial services is expected to grow at least threefold from 2020 to over $180 billion GMV by 2025, according to research firm Euromonitor. Grab has three main businesses: mobility, deliveries and financial services, which contributed to its $12.5 billion in total gross merchandise value (GMV) last year. Looking ahead, he says Southeast Asia is under penetrated for Grab’s services compared to more mature markets such as China and the U.S. Tan feels that Grab’s journey is only just beginning. Grab declined to comment on the SPAC deal.Īnother group with a keen interest in Grab’s future are the investors who have pumped more than $12 billion into the company before the SPAC merger, including A-list backers such as GGV Capital, SoftBank and Toyota. Altimeter did not respond to requests for comment. If all goes according to plan, it will be the world’s largest SPAC deal, raising $4.5 billion and giving Grab a post-money equity value of $40 billion, according to public filings. Grab is expected to go public on Nasdaq via a merger with a SPAC sponsored by Altimeter Growth by year-end. Now Grab Holdings, with its main headquarters in Singapore, is poised for another transition in its journey from when Tan and his cofounder Tan Hooi Ling (no relation) launched the MyTeksi app in 2012 in his native Malaysia. “Grab’s business became actually even more resilient because we are the only player across the region that has this multi-vertical ability.” “Whether you are in ride-hailing, e-commerce delivery, GrabFood, GrabMart, it was literally a tab, you just switch on the tab ,” Tan says. As Grab says about itself: “We’re an all-in-one platform.” Tan credits this flexibility to Grab’s superapp strategy-customers only need one app if they want to order pizzas instead of rides.
#DRIVE AHEAD DRIVERS#
“We converted over 140,000 drivers in a very short period of time,” says Tan, including around 18,000 drivers in Malaysia in a single day. IEBC will also procure an independent firm to conduct an audit of the voters’ register.Tan says Grab asked its drivers to transport meals as well as people as pandemic-induced demand for food delivery spiked in the region (and worldwide). He added that the commission will allow registered voters to confirm and verify their details at least 60 days ahead of the elections. Instead, only 1.4 million new voters enlisted.Ĭhebukati also pointed out that the commission had cleared a total of 82 political parties to participate in the upcoming general election.
#DRIVE AHEAD REGISTRATION#
The first voter registration drive was conducted between and November, but failed to net the targeted 4.5 new voters. The chairperson of the Independent Electoral and Boundaries Commission (IEBC), Wafula Chebukati the three-week exercise will be followed by a diaspora voter registration that will start on January 21 and end on February 6. Kenya’s electoral authority will roll out a final mass voter registration exercise starting January 17 as the country continues preparations for its August general elections. (Photo by Jane Kiyo/ CGTN) FILE PHOTO: Voters line up to cast their ballots at a polling station in Nairobi on October 26, 2017, Nairobi, Kenya. FILE PHOTO: Voters line up to cast their ballots at a polling station in Nairobi on October 26, 2017, Nairobi, Kenya.
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