What Grab won’t tell you in its investor presentation

Dear readers,

When big news breaks, journalists have to grab the bull by the horns.

Last week, of course, was all about Grab. We worked overtime to scrutinize its investor presentation and came away with six surprises from its jealously guarded numbers.

We also discussed how Grab’s superpower may not be its app, but its driver network.

We’ve been looking at Grab and Gojek from all angles, including the big debate about whether their drivers should be considered employees instead of contractors.

This was highlighted as a risk factor in Grab’s slides, and it’s up to the company to ensure that its drivers make good income to prevent this from happening.

We’ve also uncovered Southeast Asia’s hidden Grab and Gojek mafia – the founders and investors that enter the startup world after stints at these regional giants. (Someone liked our visual so much that they requested for a copy to print and frame up.)

These alumni networks can help startups succeed, whether in clearing roadblocks, raising money, or snagging customers. And as these companies list and shareholders sell their shares in the years ahead, we can expect this network to grow.

But there’s more to this field than Grab and Gojek, and we’ve cast our nets wide to look at the rest of it. We’re counting at least 11 runners in the super-app race in our latest landscape map.

Grab’s listing is closely watched because its performance could affect the success of other super apps.

It could also impact Grab’s wider ecosystem of customers and vendors. For instance, we charted Xendit’s quick rise in Southeast Asia, which had a helping hand from customers like Grab. If Grab continues to thrive, Xendit will benefit, too.

It goes without saying that Grab’s continued success is no sure thing. That said, it needs to project confidence to investors in order to raise that sweet cash.

Naturally, investors want the other side of the story, and in service of that, today’s letter will be a bit longer.

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SPAC’s credibility issue

Grab’s financial services business was hit last year