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Startups

Grab says 'on track' to close SPAC deal by end of 2021

Singapore tech group reports $652m loss for Q1 ahead of US listing

Grab drivers in Jakarta: The company's gross merchandise value increased for the quarter ended March on rising demand for food and grocery delivery services. (Photo by Ken Kobayashi)

SINGAPORE -- Singapore-based digital tech unicorn Grab is "on track" to go public by the end of this year, the company said Monday as it announced updates on the planned U.S. listing, which had been pushed back from the original target of July.

Grab is one of the biggest startups in Southeast Asia, offering app-based services such as ride-hailing, food delivery and mobile payment. In April, it unveiled a plan to go public on Nasdaq through a merger with Altimeter Growth, a special purpose acquisition company, at a valuation of nearly $40 billion. Grab's plan gives U.S. investors exposure to fast-growing but underrepresented Southeast Asian economies.

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