Grab’s SPACtacular rise… and looming threats

[superadmin]

Grab is an unequivocal success. It’s one of Southeast Asia’s biggest ever startups and has achieved what most companies can only dream of. In a short nine years, it has gone from a scrappy startup to a regional tech juggernaut.

The latest feather in its cap is its SPAC (special purpose acquisition company) deal – the largest of its kind the world has seen – that will fill its coffers with more than US$4 billion and value it at a near-astronomical US$40 billion (RM165 billion). This makes it more valuable than Malaysian giants Maybank, Tenaga Nasional and Sime Darby combined.

The best part of it all? The founders – Anthony Tan and Tan Hooi Ling are both Malaysian, with Grab starting as MyTeksi in 2012 right here in Kuala Lumpur. I can’t help but feel proud of the fact that two Malaysians have orchestrated a masterclass in startup building that can rival that of luminaries in Silicon Valley and Shenzhen.


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