- Transaction closes amid continued growth and momentum in Grab’s
business fuelled by its ride-hailing, deliveries, and payments
superapp
- Proceeds of US$4.5 billion represents the largest-ever U.S.
public listing by a Southeast Asian company; US$4.0 billion PIPE is
the largest ever raised
- Proceeds to fund continued expansion of Grab's superapp
ecosystem and support Grab's mission to drive economic empowerment
across Southeast Asia
- Bell ringing ceremony to be held in Singapore, Nasdaq’s first
such event in Southeast Asia
Grab Holdings Limited (“Grab”), Southeast Asia’s leading
superapp1, today completed its previously announced business
combination with Altimeter Growth Corp. (Nasdaq: AGC)
(“Altimeter”), a special purpose acquisition company. The
transaction raised gross proceeds of US$4.5 billion in the
largest-ever U.S. public market debut by a Southeast Asian company.
The business combination was approved by Altimeter stockholders in
a special meeting held on November 30, 2021. Grab’s common stock is
expected to begin trading on the Nasdaq on December 2, 2021 under
the ticker symbol "GRAB."
“We truly believe this is Southeast Asia’s time to shine, and we
hope that our entrance into the global public market will help
bring greater attention to the tremendous opportunity here in the
region,” said Anthony Tan, Group CEO and Co-founder, Grab.
“Our evolution into a superapp was guided by the everyday problems
we wanted to solve for the people we care about, and accelerated by
the growing appetite for digital services in a rapidly transforming
landscape. From on-demand mobility and deliveries to digital
financial services, enterprise services and more, we believe we are
only scratching the surface of the opportunity ahead of us. While
there's no doubt this is an exciting moment, we're grounded in the
knowledge that this is just day one. Our calling remains the same -
to unlock greater opportunity for all Southeast Asians to
participate in the digital economy."
“Grab is an iconic, mission-driven and founder-led company that
makes a difference in the lives of the people and communities it
serves. Grab’s powerful flywheel combining ride-hailing, delivery
and payments has demonstrated durable growth even during the
pandemic and is playing a foundational role in the digitization of
Southeast Asia,” said Brad Gerstner, founder and CEO of
Altimeter. “Altimeter is honored to partner with Grab on this
significant milestone and as long-term owners to support their
continued innovation, growth and economic impact.”
Proceeds include a fully committed $4.0 billion PIPE, the
largest ever raised, led by US$750 million from funds managed by
Altimeter Capital Management, LP. Other investors include funds and
accounts managed or advised by BlackRock, Counterpoint Global
(Morgan Stanley Investment Management), and T.Rowe Price
Associates, Inc., as well as Fidelity International, Fidelity
Management and Research LLC, Janus Henderson Investors, Mubadala,
Nuveen, Permodalan Nasional Berhad, Temasek and K3 Ventures.
Leading family groups from Indonesia including Djarum, the
Sariaatmadja family and Sinar Mas also participated.
"We're thrilled to participate in Grab's debut on the public
markets and serve as long-term partners with the company,” said
Dennis Lynch, Head of Counterpoint Global (Morgan Stanley).
“Grab represents a unique growth investment in the dynamic and
growing Southeast Asian market. We're incredibly excited to help
fuel the emergence of innovative technology platforms in Southeast
Asia.”
Superapp Strategy Driving Continued Business Momentum
Grab operates across 465 cities in 8 countries, enabling high
frequency hyperlocal consumer services such as food delivery,
ride-hailing, grocery delivery, e-payments, financial services and
more — all through a single “everyday everything” app. The
cornerstone of Grab’s superapp strategy is the ability to drive
higher engagement amongst users, which increases loyalty and
retention rates while reducing the cost to serve.
Grab by the numbers:
- Three straight quarters of record Gross Merchandise Value (GMV)
in 2021, totalling US$11.5 billion in GMV through September 30,
2021
- 1 billion transactions completed in the first half of 2021
- Average spend per user2 increased 43% year-over-year in Q3
2021
- Regional category leader in Southeast Asia for online food
delivery, ride-hailing, and e-wallet payments3
- Largest on-demand driver supply network, with 5m+ million
registered driver-partners4
- Largest food delivery network in Southeast Asia, with 2m+
registered merchant-partners5
- Total addressable market expected to grow to more than US$180
billion by 2025 across online food delivery, ride-hailing, and
e-wallet payments6
- The proportion of Grab consumers using more than one service
rose from approximately 33% in December 2018 to approximately 55%
in June 2021.
- According to App Annie, as of October 2021, the Grab app is
installed on more than 40% of all smartphones in the Southeast Asia
region - leading the mobility and delivery category.
Meeting the Unique Needs and Tremendous Market Opportunity in
Southeast Asia Grab is participating in some of the
fastest-growing categories in one of the fastest-growing digital
economies in the world. Southeast Asia is home to approximately 660
million people, with a growing middle class and an increasingly
online cohort of consumers and businesses.
The pandemic accelerated this shift. According to the e-Conomy
SEA 2021 report by Bain, Google and Temasek, 40 million new
internet users came online in 2021 in Southeast Asia. All six core
internet economies7 in the region are expected to post double-digit
growth in GMV between 2021 and 2025.
Giving Back Through GrabForGood Grab created the
GrabForGood Fund in April 2021 to support programs that deliver
social and environmental impact for Grab’s partners and the
communities Grab operates in. With an initial fund size of US$275
million, including a personal contribution of US$25 million in Grab
shares from Grab Group CEO and co-founder Anthony Tan, co-founder
Hooi Ling Tan and President Ming Maa, the Fund will support
programs that address inequality, access to basic services, climate
change and disaster relief in Southeast Asia. Grab expects to
launch an initial wave of programs focused on scholarships,
bursaries and disaster relief in 2022. In support of Grab’s mission
and double bottom line goals, Altimeter is donating 10% of its
sponsor promote shares, subject to a three-year lock up, to the
GrabForGood fund.
Ringing the Bell in Southeast Asia To commemorate this
milestone in Southeast Asia, Grab founders Anthony Tan and Hooi
Ling Tan will ring the Nasdaq opening bell from Singapore, joined
on stage by Grab drivers and merchant partners, at 9:30 a.m.
Eastern Time (10:30 p.m. Singapore Time) on December 2, 2021.
“It’s important to us not to lose sight of what this was all
built on. The heart and hard work of our Grabbers to serve our
partners, and in turn, the dedication of our partners towards
serving their customers. That’s why we chose to hold the ceremony
close to home. To be here, amongst our community, sharing the
moment with them as we cross the threshold into a new chapter of
our journey,” added Anthony Tan.
Leading up to the bell ringing and afterwards, Grab will feature
photos of its employees and partners on the Nasdaq Tower in Times
Square.
About Grab Grab is Southeast Asia’s leading superapp
based on GMV in 2020 in each of food deliveries, mobility and the
e-wallets segment of financial services, according to Euromonitor.
Grab operates across the deliveries, mobility and digital financial
services sectors in 465 cities in eight countries in the Southeast
Asia region - Cambodia, Indonesia, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam. Grab enables millions
of people each day to access its driver- and merchant-partners to
order food or groceries, send packages, hail a ride or taxi, pay
for online purchases or access services such as lending, insurance,
wealth management and telemedicine, all through a single “everyday
everything” app. Grab was founded in 2012 with the mission to drive
Southeast Asia forward by creating economic empowerment for
everyone, and since then, the Grab app has been downloaded onto
millions of mobile devices. Grab strives to serve a double bottom
line: to simultaneously deliver financial performance for its
shareholders and a positive social impact in Southeast Asia.
About Altimeter Altimeter Capital Management, LP is a
leading technology-focused investment firm built by founders for
founders with over $15 billion in assets under management.
Altimeter’s mission is to help visionary entrepreneurs build iconic
companies, disrupt markets and improve lives through all stages of
growth. Altimeter manages a variety of venture and public funds and
serves as an expert long-term partner to companies as they enter
the public markets.
Forward-Looking Statements This document includes
“forward-looking statements” within the meaning of the federal
securities laws with respect to the transaction between Grab
Holdings Inc. (“Grab”), Grab Holdings Limited (“GHL”) and AGC and
regarding Grab’s future business expectations which involve risks
and uncertainties. All statements other than statements of
historical fact contained in this document, including, but not
limited to, statements as to future results of operations and
financial position, planned products and services, business
strategy and plans, objectives of management for future operations
of Grab, market size and growth opportunities, competitive
position, technological and market trends and the potential
benefits and expectations related to the terms and timing of the
proposed transactions, are forward-looking statements. Some of
these forward-looking statements can be identified by the use of
forward-looking words, including “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,”
“projects,” “should,” “could,” “would,” “may,” “will,” “forecast”
or other similar expressions. All forward-looking statements are
based upon estimates and forecasts and reflect the views,
assumptions, expectations, and opinions of AGC and Grab, which are
all subject to change due to various factors including, without
limitation, changes in general economic conditions as a result of
COVID-19. Any such estimates, assumptions, expectations, forecasts,
views or opinions, whether or not identified in this document,
should be regarded as indicative, preliminary and for illustrative
purposes only and should not be relied upon as being necessarily
indicative of future results.
The forward-looking statements contained in this document are
subject to a number of factors, risks and uncertainties, some of
which are not currently known to Grab or AGC. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of GHL’s
registration statement on Form F-4, the proxy statement/ prospectus
therein, AGC’s Quarterly Report on Form 10-Q and other documents
filed by GHL or AGC from time to time with the U.S. Securities and
Exchange Commission.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
In addition, there may be additional risks that neither AGC nor
Grab presently know, or that AGC or Grab currently believe are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. Forward-looking
statements reflect AGC’s and Grab’s expectations, plans,
projections or forecasts of future events and view. If any of the
risks materialize or AGC’s or Grab’s assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements.
Forward-looking statements speak only as of the date they are
made. AGC and Grab anticipate that subsequent events and
developments may cause their assessments to change. However, while
GHL, AGC and Grab may elect to update these forward-looking
statements at some point in the future, GHL, AGC and Grab
specifically disclaim any obligation to do so, except as required
by law. The inclusion of any statement in this document does not
constitute an admission by Grab nor AGC or any other person that
the events or circumstances described in such statement are
material. These forward-looking statements should not be relied
upon as representing AGC’s or Grab’s assessments as of any date
subsequent to the date of this document. Accordingly, undue
reliance should not be placed upon the forward-looking statements.
In addition, the analyses of Grab and AGC contained herein are not,
and do not purport to be, appraisals of the securities, assets or
business of Grab, AGC or any other entity.
____________________ 1 Based on Euromonitor’s research on 2020
and 1H 2021. Category leadership is estimated by share of GMV for
online food delivery and ride-hailing, and Total Payment Volume
(TPV) for e-wallet payments. ‘Southeast Asia’ refers to the 6
largest markets in the region only: Indonesia, Malaysia,
Philippines, Singapore, Thailand and Vietnam 2 Defined as GMV per
Monthly Transacting User (MTU), where MTU is defined as the monthly
number of unique users who transact via Grab’s products, where
transact means to have successfully paid for any of Grab’s
products. 3 Based on Euromonitor’s research on 2020 and 1H 2021.
Category leadership is estimated by share of GMV for online food
delivery and ride-hailing, and Total Payment Volume (TPV) for
e-wallet payments. ‘Southeast Asia’ refers to the 6 largest markets
in the region only: Indonesia, Malaysia, Philippines, Singapore,
Thailand and Vietnam 4 Based on Euromonitor’s research on 2020 5
Based on Euromonitor’s research on 2020 6 Based on Euromonitor’s
research on 2020 7 Indonesia, Malaysia, Philippines, Singapore,
Thailand and Vietnam
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211201006128/en/
For inquiries regarding Grab, please contact:
Media In Asia: press@grab.com
In the United States: Grab-SVC@sardverb.com
Investors Grab:
investor.relations@grab.com
For inquiries regarding Altimeter, please contact:
press@altimeter.com ir@altimeter.com
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