Hi again. It’s Brady.
Today is Friday, so I’ll keep it light and easy.
Grab went public. It opened at above USD 13. Before noon (Eastern time), it had tanked nearly 16% and was trading at around USD 9.30. When markets closed, each share was worth USD 8.75, roughly 20.5% down.
For a company whose leadership bandies about talking points that reiterate their long-term commitment to the region, it looks like many shareholders don’t consider Grab’s promises to mean much to them, at least financially.
Grab operates in more than 400 cities. It is, by any metric, nowhere near being profitable, having racked up a USD 988 million net loss in Q3. That’s quite a bit of red in just three months.
Khamila watched the bell-ringing ceremony. You can read her recap here.
Daily Roundup
Two ByteDance employees receive prison sentences for illegally promoting content for profit.
Uber partners with Meta to roll out cab-booking service on WhatsApp in India.
Here’s everything about India’s unicorn hunters of 2021.
Registration opens for the second Alibaba Cloud x KrASIA Global Startup Accelerator Indonesia Demo Day.
Suzuki wants to be the Tesla of connected minicars.