Grab’s position in SEA’s startup landscape

Today, Grab‘s plan to list on the Nasdaq through a merger with a special purpose acquisition company – which was announced in April – will finally materialize. Shareholders of Altimeter Growth Corp have voted to approve the merger with the Southeast Asian decacorn, paving the way for the listing process.

Grab has followed the steps of another Southeast Asian tech company, Sea Group, which has been listed on the New York Stock Exchange since 2017. Meanwhile, its regional unicorn peer Bukalapak had gone public on the Indonesian Stock Exchange (IDX) recently, while fellow Singapore-born company Razer listed on the Hong Kong Stock Exchange.

See also: Grab’s pit stops along the road to its IPO

GoTo Group, arguably the most valuable tech startup in the region that is still a private firm, also plans to go public on IDX in 2022, and it looks to list in the US afterwards. If the company’s listing is successful, it could hit a valuation of US$40 billion, similar to that of Grab.

As a regional powerhouse, Grab hasn’t been shy in its ambition to become a super app. While starting with ride-hailing, the company has expanded its offering to food delivery, logistics, payments, groceries, and services for small and medium-sized enterprises.

See also: 6 surprises from the reveal of Grab’s jealously guarded financials

The latest race between Southeast Asian unicorns is in the digital banking sector. Grab already secured licenses to build digital banks in Singapore and Malaysia, along with Sea Group. While Shopee’s parent company has established a digital bank in Indonesia, Grab seems to have set up a similar business through its tie-up with Emtek.

Other startups such as GoTo Group, Finaccel, and Akulaku have also entered the space, but only in Indonesia.

Read also: Why Indonesia’s tech giants find digital banks irresistible

With simultaneous wars on various fronts, the move to raise money by going public has allowed Grab to get more fuel to win the competition in this new sector. However, it doesn’t stop its rivals from growing and raising more funds themselves. All the activity is paving the way for a more dynamic startup landscape in Southeast Asia.