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Aug 25, 2022 03:57 PM
TECH

Once Southeast Asia's Most Valuable Startup, Grab Falls $13 Billion Behind Rival GoTo

GrabFood delivery riders in Singapore on May 18. Photo: Bloomberg
GrabFood delivery riders in Singapore on May 18. Photo: Bloomberg

(Bloomberg) — Singapore’s Grab Holdings Ltd., once Southeast Asia’s most valuable startup, is faltering behind GoTo Group in the public markets as it fights to gain ground on its Indonesian ride-hailing rival’s home turf.

The unprofitable companies are both struggling to convince investors of their moneymaking potential after staging their stock-market debuts in recent months. Yet GoTo has fallen less than its competitor and its market value of about $26 billion is now twice that of its Singaporean peer. The companies are each set to report quarterly earnings in the coming days.

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