Dear readers, in a global investment climate fraught with uncertainty—ranging from ongoing geopolitical tensions in the Middle East, to the drawn-out war between Russia and Ukraine, and the persistent speculation surrounding the U.S. Federal Reserve’s interest rate policy—many investors are glued to headlines and major indices in search of direction.
However, amid all the noise, one Singapore-based company has been steadily, even quietly, rallying outside the radar of many retail investors.
This company isn’t just a tech name. It’s part of the everyday lives of millions in Southeast Asia. Its name is succinct, familiar, and strikingly simple—a four-letter word that commands presence in both app stores and our streets:
Grab.
The Humble Beginnings of a Regional Giant
Founded in Malaysia in 2012 under the name “MyTeksi,” the company was initially conceived as a local solution to the inefficiencies of the traditional taxi industry. Co-founders Anthony Tan and Tan Hooi Ling were students at Harvard Business School when they developed the idea, launching a mobile app that allowed commuters to book taxis with greater safety and transparency.
The concept quickly took off. Within a few short years, MyTeksi had expanded beyond Malaysia to key Southeast Asian markets, including Singapore, Indonesia, the Philippines, Thailand, and Vietnam. In 2014, the company made a pivotal strategic move: it relocated its headquarters to Singapore and rebranded as Grab.
From Taxi App to Super App
What sets Grab apart from many other ride-hailing startups is its ambition and vision. Rather than remaining a transport-focused platform, Grab has morphed into a full-fledged super app—offering services that range from:
- Ride-hailing (private hire, taxis, motorcycles)
- Food delivery through GrabFood
- Parcel and document delivery
- Digital payments and wallet solutions via GrabPay
- Buy Now, Pay Later financing services
- Insurance and micro-investment products
This comprehensive ecosystem places Grab in a similar category as China’s Meituan or Indonesia’s GoTo Group—multi-service platforms that have become daily utilities for tens of millions of users.
And this is no small feat. Southeast Asia is one of the most populous and digitally connected regions in the world, with a young, mobile-first population. In this environment, Grab has positioned itself as a critical platform—functioning simultaneously as a service provider, fintech innovator, and digital infrastructure layer.
A Rocky IPO—But a Resilient Recovery
Despite its success in capturing market share and mindshare across Southeast Asia, Grab’s journey in the public markets began with turbulence.
In December 2021, Grab debuted on the NASDAQ via a special-purpose acquisition company (SPAC) merger with Altimeter Growth Corp. The deal raised approximately $4.5 billion and valued Grab at nearly $40 billion, marking it the largest-ever SPAC deal on record at the time, according to Dealogic.
However, investor enthusiasm quickly deflated. On its first day of trading, Grab shares plunged by 21%, as concerns mounted over the company’s profitability, valuation, and competitive landscape. By January 2021, Grab stock had traded as high as USD $16.75, but following the SPAC debut and broader tech sell-off, prices collapsed to less than one-third of that figure.
The company’s stock continued to decline through 2022, eventually falling below $3 per share, far from its peak implied valuation.
A Silent Comeback: 44% Gains Over the Past Year
Fast forward to 2025, and the narrative around Grab is beginning to shift once again. Over the past 12 months, Grab’s stock has rallied approximately 44%, climbing from around USD $3.50 to USD $5.00 per share.
This recovery hasn’t been fueled by hype or speculative mania. Instead, it reflects a combination of factors:
- Improving Financials: Grab has made strong progress toward profitability. In recent quarters, the company has narrowed its losses, improved adjusted EBITDA, and increased operational efficiencies across verticals.
- Strategic Cost-Cutting and Streamlining: Grab has successfully optimized its cost structures, shedding non-core ventures and refocusing on high-margin services.
- Regional Tailwinds: Southeast Asia continues to be a compelling growth story. Rising incomes, increasing urbanization, and a growing reliance on mobile commerce all benefit Grab’s ecosystem.
- Fintech Expansion: Grab’s digital financial services arm has seen notable uptake in countries like Singapore, Indonesia, and Vietnam. Services like GrabPay, insurance, and micro-lending are unlocking new revenue streams.
- Investor Confidence Restored: After a rough start, analysts and institutional investors are slowly warming up to Grab again. The company’s focus on unit economics and disciplined growth is being rewarded.
Grab’s Presence in Our Daily Lives
To many Singaporeans, Grab isn’t just a stock ticker on the NASDAQ—it’s part of daily life.
- We see GrabFood delivery cyclists navigating traffic to deliver hot meals.
- We use the Grab app to get to work or to social gatherings.
- We pay using GrabPay at hawker stalls and convenience stores.
- We accumulate GrabRewards points for discounts and perks.
Despite being listed in the United States, Grab feels inherently Singaporean. Its branding, service footprint, and headquarters all tie it to the island-state, and it plays a prominent role in the country’s broader digital economy vision.
Yet, oddly enough, many Singaporean retail investors have not participated in Grab’s market story—simply because the stock is not listed on the Singapore Exchange (SGX).
Time for a Dual Listing on SGX?
With Grab now on a firmer financial footing and regaining market momentum, the time may be ripe for a secondary listing on SGX.
A dual listing could provide several key advantages:
1. Greater Access for Regional Investors
Many local and regional retail investors either do not have access to U.S. stock markets or prefer not to navigate currency conversion, U.S. tax implications, or higher brokerage fees. A listing on SGX would allow thousands of investors across Southeast Asia to own a piece of Grab in their local currency and through familiar platforms.
2. Boost SGX Market Sentiment
Singapore’s equity market has, for years, suffered from a dearth of major IPOs. With multiple high-profile delistings and declining trading volumes, the SGX is in need of large, homegrown tech names to invigorate the exchange. A dual listing by Grab would be symbolic and catalytic.
3. Enhance Grab’s Visibility and Valuation
A dual listing would not only increase liquidity but could also improve valuation over time by exposing Grab to a broader base of long-term investors who understand its ecosystem and regional relevance.
4. Support Singapore’s Digital Economy Goals
As Singapore pushes its “Smart Nation” agenda, supporting and showcasing digital champions like Grab on the local bourse aligns with broader national economic objectives.
Strategic Outlook for Grab
Looking ahead, the road for Grab still contains challenges, but the trajectory appears promising. Areas to watch include:
- Profitability Timeline: Investors will continue to scrutinize when Grab can achieve consistent net profits, especially in a high-interest-rate environment.
- Competition: Rivals like Indonesia’s GoTo, Sea Group’s ShopeeFood, and even new entrants like TikTok Shop are fierce competitors in the digital services space.
- Regulation: Grab’s operations span several jurisdictions, all with different rules for transport, e-commerce, fintech, and data privacy.
- Innovation: The super app space is constantly evolving. Grab will need to continuously innovate—perhaps via AI integration, real-time logistics, or embedded finance.
Still, the groundwork has been laid. The company is no longer a cash-burning startup chasing top-line growth at all costs. It’s evolving into a more mature, strategically disciplined platform with multiple monetization levers.
Conclusion: Don’t Overlook This Four-Letter Gem
In the end, the story of Grab is one of resilience, reinvention, and relevance.
From humble beginnings as a Malaysian taxi app to becoming one of Southeast Asia’s most significant digital platforms headquartered in Singapore, Grab has already defied expectations more than once.
Today, with a 44% rally in the rearview mirror and improved fundamentals at the core, Grab is no longer a speculative tech bet—it’s a maturing platform company with a powerful brand and entrenched regional network.
While U.S. investors are beginning to rediscover Grab, it may soon be time for the company to also reward the people who use its services every day—Southeast Asian retail investors—by offering them a direct stake via a Singapore Exchange listing.
If and when that happens, this four-letter stock might just find a second home right here in the Lion City.