Grab Holdings Limited

Who owns Grab Holdings?
Grab Holdings Limited is publicly traded on NASDAQ under ticker GRAB. Co-founder and CEO Anthony Tan holds Class B ordinary shares with 45 votes per share, giving him effective voting control. As of December 31, 2025, there were 3.969 billion Class A shares and 128.4 million Class B shares outstanding. SoftBank Group is a major institutional shareholder. Uber Technologies received approximately 27.5 percent of Grab in the 2018 transaction but has reduced its stake over time.

Is Grab publicly traded?
Yes, Grab Holdings Limited is publicly traded on NASDAQ under ticker GRAB. The company went public through a SPAC merger with Altimeter Growth Corp. in December 2021, valuing Grab at approximately $40 billion at the time of listing. The stock has since declined significantly from its listing price but has partially recovered in 2025 and 2026 as the company achieved profitability.

When was Grab founded?
Grab was founded in June 2012 by Anthony Tan and Tan Hooi Ling as MyTeksi, a taxi-booking app in Malaysia. The founders were classmates at Harvard Business School. The company rebranded as GrabTaxi in 2013 and then Grab in 2016, reflecting its expansion beyond taxi-hailing into multiple transportation modes and services.

What is Grab's revenue?
Grab reported FY2025 revenue of $3.37 billion, up 20 percent from $2.797 billion in FY2024. The company achieved its first full year of net profit at $200 million. Adjusted EBITDA was $500 million, up 60 percent from $313 million. For FY2026, Grab guided to revenue of $4.04 to $4.10 billion, representing 20 to 22 percent growth. Malaysia was the largest market with $1.04 billion in revenue, followed by Singapore at $727 million and Indonesia at $715 million.

What happened when Grab acquired Uber's Southeast Asian business?
In 2018, Uber sold its Southeast Asian operations to Grab in exchange for approximately 27.5 percent of Grab. The deal gave Grab a dominant position in Southeast Asian ride-hailing and removed its primary competitor. Competition authorities in Singapore fined both Grab and Uber for anti-competitive behavior following the transaction. Grab was required to maintain pre-transaction pricing and service levels for a period.

What countries does Grab operate in?
Grab operates in eight Southeast Asian countries: Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company serves over 900 cities across these markets. Malaysia is Grab's largest market by revenue, generating $1.04 billion in FY2025, followed by Singapore at $727 million and Indonesia at $715 million.

What is Grab's superapp model?
Grab's superapp model provides multiple services through a single app, including ride-hailing (GrabCar, GrabBike, GrabTaxi), food delivery (GrabFood), grocery delivery (GrabMart), parcel delivery (GrabExpress), digital payments (GrabPay), lending and insurance (GrabFinancial), and digital banking (GXS Bank in Singapore, GXBank in Malaysia). The company had 47.2 million monthly transacting users in FY2025, with on-demand GMV of $22.14 billion.

Grab was founded in June 2012 by Anthony Tan and Tan Hooi Ling, who were classmates at Harvard Business School. The company was originally called MyTeksi and launched as a taxi-booking app in Malaysia. The founders identified that Southeast Asia's fragmented and unreliable taxi market represented an opportunity for a technology-enabled transportation platform.

The company rebranded as GrabTaxi in 2013 and expanded beyond Malaysia, launching in Singapore, Thailand, Vietnam, and the Philippines. In 2014, Grab raised $15 million from SoftBank, marking the beginning of a long-term relationship with the Japanese technology conglomerate. SoftBank would go on to invest billions of dollars in Grab over the following years.

Grab rebranded as Grab in 2016, reflecting its expansion beyond taxi-hailing into private car services, motorcycles, and other transportation modes. The company launched GrabPay (digital payments) and GrabFood (food delivery) in the same period.

In 2018, Uber Technologies sold its Southeast Asian operations to Grab in exchange for approximately 27.5 percent of Grab. The deal gave Grab a dominant position in Southeast Asian ride-hailing and removed its primary competitor from the market. Competition authorities in Singapore fined both Grab and Uber for anti-competitive behavior following the transaction.

Following the Uber deal, Grab accelerated its expansion into financial services, launching GrabFinancial Group to offer digital payments, lending, and insurance products. The company also expanded its delivery services with GrabMart for grocery delivery and GrabExpress for parcel delivery.

In 2019, Grab received a digital banking license in Singapore, allowing it to offer banking services through GXS Bank, a joint venture with Singtel. GXBank launched in Malaysia as part of Grab's digital banking expansion.

Grab went public through a SPAC merger with Altimeter Growth Corp. in December 2021, listing on NASDAQ under ticker GRAB. The transaction valued Grab at approximately $40 billion, making it one of the largest SPAC mergers in history. The stock has since declined significantly from its listing price.

Following its public listing, Grab focused on improving profitability and reducing costs. The company achieved its first full year of adjusted EBITDA profitability in FY2024 and its first full year of net profit in FY2025. Grab's revenue grew from $469 million in 2020 to $675 million in 2021, $1.43 billion in 2022, $2.36 billion in 2023, $2.797 billion in 2024, and $3.37 billion in 2025.

In 2025, Grab continued to expand its financial services business, with the loan portfolio growing 120 percent to $1.18 billion. The company also operates supermarkets in Malaysia under the Jaya Grocer and Everrise brands, enabling on-demand grocery delivery integration.

Grab has implemented sustainability initiatives focused on electric vehicle adoption, financial inclusion, and responsible platform operations. The company states that it aims to serve a triple bottom line: delivering financial performance for shareholders, creating positive social impact through economic empowerment, and mitigating its environmental footprint.

On environmental initiatives, Grab has invested in electric vehicle fleet expansion and sustainable delivery practices. The company promotes electric vehicle adoption among its driver-partners and works to optimize delivery routes for efficiency. Grab's GrabRentals program provides vehicles to drivers, and the company is expanding its electric vehicle offerings within this program.

On financial inclusion, Grab's digital banking services through GXS Bank and GXBank aim to provide access to financial services for underserved populations in Southeast Asia. The company's lending business, with a $1.18 billion loan portfolio as of FY2025, provides credit to consumers and micro, small, and medium enterprises (MSMEs) who may have limited access to traditional banking services.

Grab maintains platform governance standards including driver and rider safety protocols, fair competition practices, and responsible financial services delivery. The company has implemented data protection policies and transparent fee structures for partners.

Grab has received recognition for its innovation in superapp technology and social impact:

• World Economic Forum Technology Pioneer recognition for innovation in digital transformation
• Forbes Asia's Most Innovative Companies recognition for superapp platform innovation
• Financial inclusion awards for digital banking and financial services accessibility
• Sustainability leadership awards for electric vehicle promotion and environmental initiatives
• Customer experience awards for user experience and service quality

Grab has faced regulatory scrutiny in multiple markets related to its market dominance in ride-hailing and food delivery.

Following the acquisition of Uber's Southeast Asian operations in 2018, competition authorities in Singapore fined both Grab and Uber for anti-competitive behavior. The Singapore Competition and Consumer Commission (CCCS) found that the transaction substantially lessened competition in the ride-hailing market. Grab was required to maintain pre-transaction pricing and service levels for a period and face potential additional penalties. Similar scrutiny was applied in other Southeast Asian markets.

Grab has faced scrutiny related to its treatment of drivers and delivery riders, who are classified as independent contractors rather than employees. Labor advocates have argued that this classification deprives workers of employment benefits and protections. Grab has responded that its platform provides earning opportunities and flexibility for partners, and the company has implemented programs including insurance coverage and financial literacy training for drivers.

The company's SPAC listing in December 2021 was followed by a significant decline in its stock price, which fell from approximately $8.75 at listing to below $3 in subsequent years. This decline attracted criticism from investors who had participated in the SPAC transaction. The stock has partially recovered in 2025 and 2026 as the company achieved profitability.

Grab's digital banking operations are subject to regulatory oversight from the Monetary Authority of Singapore (MAS) and other financial regulators across its operating markets. The rapid growth of its loan portfolio, which increased 120 percent to $1.18 billion in FY2025, has drawn attention from regulators concerned about consumer credit risk.

Grab operates across eight countries with different regulatory environments, creating compliance complexity. Each country has different rules governing ride-hailing, food delivery, digital payments, and banking services. The company has navigated regulatory changes in several markets, including licensing requirements for ride-hailing services and restrictions on foreign ownership in certain sectors.