If anyone remembers, Grab acquired Uber’s businesses and operations in Southeast Asia. In one of the clause written, Grab has to be listed on USstock market latest by 2023. Else they need to compensate Uber US$1.65 billion. So this explains one of the single key reasons for the hasty back door listing through a SPAC. 

If one knows Grab situation years back, Grab is losing market share for their transportation business in Indonesia to GoJek. Because GoJek is the first platform to implement food delivery business ahead of Uber and Grab and utilise their driversto deliver the food to their customers. 

GoJek also provides other services on their platforms such as to people who offers freelance service to clean and tidy up residential units. This business idea is so successful and threatens Grab’s existence in Indonesia market.

However, Grab made a smart move. GoJek’s weakness is their presence at that time is only in Indonesia but Grab has a bigger presence in Southeast Asia. So Grab improvise this idea and implement it across all the countries that they are in. Since then, everything changed.

Lastly, GoJek merge with Tokopedia recently to form GoTo. I would rather invest in GoTo than in Grab. In addition, Grab’s handling of their drivers partners are pretty shady and they are pretty opaque in certain parts of the business which I feel are unfair to drivers whom they called partners butin reality squeeze them out every drop of blood.