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Startups

Grab reports $988m net loss for Q3 as lockdowns hit ride-hailing

Singapore unicorn says its SPAC deal is expected to close in Q4

Grab's losses in the July-September quarter have widened from a year ago due largely to noncash expenses. (Photo by Kentaro Iwamoto)

SINGAPORE -- Southeast Asian unicorn Grab on Thursday reported a net loss of $988 million for the July-September quarter, worsened from a $621 million loss a year earlier, as heightened COVID-19 control measures in the region hit its core ride-hailing business.

A prominent startup in the region, the Singaporean digital tech group offers ride-hailing, delivery and financial services under what it calls a "superapp" strategy. It operates in eight countries, including Singapore, Malaysia, Indonesia, Vietnam, Thailand, the Philippines, Cambodia and Myanmar.

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