AGC - Grab posts record sales ahead of merger with SPAC Altimeter Growth

Southeast Asia's largest ride-sharing, food delivery, and online payments company Grab saw sales rise 39% to $507M in its first quarter and EBITDA loss of $111M compared to a loss of $344M in the comparable quarter last year. Grab has been able to prosper despite Southeast Asian country lockdowns due to a surge in demand for food delivery and online payment services. "We exceeded our internal targets for adjusted net sales and adjusted EBITDA for Q1 2021, and continued the strong growth momentum of our deliveries business," said CEO Peter Oey. Grab is Southeast Asia's most valuable startup and is pushing into the insurance business as its next step. The company is set to undergo a merger with SPAC Altimeter Growth Corp (AGC +2.3%) at a valuation of $40B in the fourth quarter, pushed back after a delay.

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Grab posts record sales ahead of merger with SPAC Altimeter Growth