This is disappointing when Grab, founded by Anthony Tan and Tan Hooi Ling in 2012, is reckoned as one of the most promising growth companies in Southeast Asia.
Grab has never been profitable. But that is not unusual for a start-up. In the final three months of 2021, Grab reported a net loss of US$1.1 billion, almost double the losses in the same period a year earlier. Its annual loss of US$3.4 billion surpassed the US$2.6 billion in 2020. However, Grab continues to see food delivery as a potential area for growth and is doubling down on that space. Earlier this year, it completed the acquisition of a, a leading mass-premium supermarket chain in Malaysia with over 40 stores. Jaya Grocer will adopt GrabPay and GrabReward.
Grab is effectively throwing money at every part to see which ones might work, almost like throwing spaghetti at a wall to see what sticks.It remains in pole position across a number of its businesses. It is several times bigger than the next largest competitor, Go-Jek, in ride-hailing. But today, Grab is no longer a private company. It is listed on the stock market with shareholders that it needs to be accountable to.However, it is important to remember that Grab is still a young company and was only founded 10 years ago.