Very pessimistic on Grab. They are facing massive competition in every sector they are in, and compared to their competitors their offerings are either undifferentiated (ride hailing, food delivery) or downright inferior (finance).

Every new sector they expand to just brings even more competitors for them. What's worst is all of these competitors are largely focused on a single sector (e.g. ride hailing - gojek, food delivery - food panda/deliveroo, finance - banks), and can devote all of their resources to defending their market share while Grab's resources are spread out.

Some people see this involvement in multiple sectors as a good thing due to network effects, I see it as a sign of desperation as they are not able to be profitable in any sector. As a Grab user myself, I can safely say network effects across sectors are non-existent, there is nothing to stop me from using any competing product which best serves me at that moment.

They have expanded too fast, too far, and are against too many enemies. I feel like the whole facade will come crashing down once they run out of money.