Eight months since it started trading on Nasdaq, Grab’s market capitalisation of just under $11 billion is about a quarter of what its valuation was at the time of its blockbuster SPAC merger.
Grab’s rocky show at Nasdaq may be part of the broader tech selloff. On its part, the tech major has registered significant wins such as digital banking licences in Singapore and Malaysia. And, CEO Anthony Tan has remained unfazed, saying in a May earnings call that the company is growing sustainably and focused on meeting its profitability targets.