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But long earlier than it became a scorching name, Grab founder Anthony Tan took the decision to maneuver the corporate from his native Malaysia south to Singapore. The transfer got here after it secured $10 million of sequence A funding from Vertex Venture Holdings, Singapore’s biggest venture capital firm and a unit of Temasek, the Singapore government funding fund. In order to scale back the variety of incidents between passengers and drivers, Grab has implemented numerous safety features. Later the same yr, Grab rolled out a telematics program to encourage secure driving behaviour for its drivers. In 2019, Grab began asking passengers to take a selfie earlier than using for identify verification. On 4 March 2017, a drunk international man reportedly attacked a GrabCar driver in Singapore.
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However, regardless of the 10-inch version promoting for $12.eighty five and costing only $2.seventy five to make, Cyndi revealed that she was barely breaking even. “Investors look at the reaction to the Grab Spac and see that as a constructive signal that US fairness markets are in a really appropriate surroundings to be in right now,” he stated. “The success of the Grab Spac will pave the way for more South-east Asian start-ups in particular to assume about listing via Spacs.”
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