Dear reader,
Grab’s return to profitability in Q3 marks a significant milestone for the company, underscoring its resilience and adaptability in Southeast Asia’s competitive tech landscape.
Turning a US$99 million loss last year into a US$15 million profit, Grab’s success can be attributed to a strong focus on operational efficiency and strategic investments in its core business segments.
The impressive 17% revenue growth to US$716 million not only surpassed analyst expectations but also highlights a robust demand for Grab’s on-demand services across the region.
The 224% increase in group-adjusted EBITDA to US$90 million demonstrates Grab’s ability to enhance profitability while scaling, especially by optimizing costs such as share-based compensation. CEO Anthony Tan’s comments reflect the company’s confident outlook as it anticipates further gross merchandise value (GMV) growth and raises its 2024 revenue forecast.
The surge in after-hours trading, with shares climbing over 12%, shows investor confidence in Grab’s growth potential, bolstered by Southeast Asia’s expanding digital economy and increasing consumer demand.
As Grab continues to invest strategically, it’s well-positioned to capitalize on long-term growth opportunities in the region, making this quarter a pivotal point in its journey toward sustained profitability and market leadership.
Sainul,
Editor.
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NEWS & VIEWS
Grab returns to profit in Q3, raises 2024 revenue forecast
It generated a profit of US$15M in Q3, a turnaround from a loss of US$99M the year before; The profit was due to improvements in group-adjusted EBITDA, as well as an increase in net finance income and lower share-based compensation expenses.
Philippine startup investments rebound to US$1B after a volatile 2023
It was driven primarily by a shift towards larger, growth-stage funding rounds rather than the survival-focused bridge rounds that dominated last year, says the ‘Philippine Horizons: Filipino Innovation in the ASEAN Landscape’ report.
Indonesia’s Intudo Ventures secures US$125M across two funds
Intudo Ventures IV will invest in 14 to 18 homegrown companies with initial cheque sizes ranging from US$1 million to US$10 million.
SoftBank projects US$1.87B profit, focuses on AI strategy
This increase is attributed to the successful public listings of its portfolio companies; Significant are SoftBank’s potential plans to develop AI chips, possibly in collaboration with Arm and newly acquired chip manufacturer Graphcore.
FTX files lawsuit against Binance, seeks US$1.8B recovery
The legal action seeks to recover the money, which FTX claims was improperly transferred by Sam Bankman-Fried; The lawsuit centres on a July 2021 share repurchase deal, where FTX alleges Binance received funds fraudulently.
Vendor seeks Qoo10 liquidation over US$54M debt
Korea Culture Promotion alleges Qoo10 owes them nearly USS$54.2M; The petition is supported by six other creditors, including SCI Ecommerce and Mister Mobile Trading.
Vietnam to block Shein, Temu if no November registration
The action depends on the companies’ failure to register with Vietnam’s trade ministry by November’s end; The industry and trade ministries will work with other agencies to block access if the companies do not comply.
Swiggy’s public debut will test India’s appetite for US$1B+ IPOs
The Indian company will enter a public market where large tech companies’ stocks have struggled historically; Three years after its US$2.5B offering, Paytm is still trading 47% below its IPO price.
There’s still growth potential in SEA e-commerce: Shopee’s Li
Forrest Li emphasized the role of emerging technologies like AI and blockchain in enhancing consumer experiences; Despite post-pandemic challenges in the tech sector, including layoffs, he pointed to the promise of tech-driven solutions.
Caroline Yap of Google Cloud: AI transformation at scale requires people as much as technology
The true success of AI adoption lies in how organisations balance technological advancement with human-centric considerations.
Indonesia’s Dash Electric closes seed financing round to grow its EV fleet
Lead investors are The Radical Fund and Bali Investment Club (BIC); Dash Electric is a B2B platform for on-demand delivery drivers and helps businesses book, track, and manage deliveries at scale.
FEATURES & INTERVIEWS
How WaveScan’s smart sensors and AI are shaping predictive maintenance
With robotics-enabled automated scanners, WaveScan has reduced the setup and asset inspection times and made the holistic scanning of entire assets viable.
Echelon Philippines 2024: Growsari’s ER Rollan on transforming the country’s retail landscape
The Echelon Philippines fireside chat explored how Growsari uses technology to digitise and empower small retailers for sustainable growth.
Report: New fintech talents emerge as GenAI becomes increasingly popular in Singapore
This new report by SFA and Accenture also points out how today’s fintech businesses can respond to this new kind of emerging talent.
Echelon PH 2024: Uncovering deeper opportunities in Southeast Asia’s fintech landscape
The Echelon Philippines panel explored emerging trends, niche markets, and potential disruptions in Southeast Asia’s financial technology landscape.
EVOV AI helps companies leverage AI to turn data overload into strategic insight
The founding team of EVOV AI brings together expertise in AI, data science, and business to develop this solution.
For BeLive, the hyperlocal approach is the way to win livestreaming in SEA
While TikTok Live and Facebook Live continue to dominate the SEA landscape, BeLive Technology anticipates room for alternative platforms.
FROM THE ARCHIVES
Bear necessities: Navigate the downturn with innovation
In a bear market, resilience is tested, offering opportunities for those with true staying power to shine as downturns reveal authenticity.
Our workplaces have changed a lot recently: Now here is the problem
The concept of work is blurring, it may seem like a minor issue, but it’s just the tip of the iceberg as we herald in the new normal.
Exploring the creator economy in gaming
Since gaming professionals are eager to create, gaming platforms must provide them with the tools and monetisation opportunities to do so.
The future of gaming is female and mobile
There is global consensus that the year ahead will be challenging, but emerging trends have suggested bright spots for gaming businesses.
Long-duration energy storage: Key driver for region’s net-zero goals
Individuals and companies are becoming more empowered to join the net zero fight as sophisticated energy storage solutions become increasingly accessible.
Is data latency the new currency in town?
Employing a distributed infrastructure with various providers and redundant pathways ensures resilience for critical applications and data.
How Alternō’s vision is changing the energy landscape with sand batteries
Alternō’s innovative sand battery technology is shaping the green energy sector, contributing to a more sustainable future.
Is India on the verge of shifting gears to EVs?
To emerge as a leader in the global space for electric vehicles, India should chart a plan to manufacture every sub-system required by EVs.
Climate conferences won’t save us: How to start taking action all year round
This article explores how any business can reduce its own emissions while accelerating the transitions of companies around them.
Thinking out loud: Are electric vehicles as sustainable as we believe?
It seems likely that automotive OEMs will continue to develop batteries with hybrid models instead of a full transition to EVs.
Empowering the future of Singapore: The need for SMEs to embrace renewable energy solutions
The adoption of renewable energy solutions is fast becoming a necessity rather than a choice for SMEs and bigger enterprises within Singapore.
Why agritech startups will call for the next e-commerce revolution
Innovation via technology and digitalisation are seen as pragmatic solutions to help address some of the greatest challenges facing the global food system.
How to build a strong farmer engagement model for your agri e-commerce startup
Agri e-commerce is still in infancy in Southeast Asia. What should SMEs keep in mind while engaging the farmers to adopt the online platform.
Why offshoring your data parsing processes could be your legal tech startup’s secret weapon
Legal tech companies often deal with unstructured documents, where the essential data points do not adhere to a predefined data model.
All that you need to know about the term sheet for approaching investors
In this article, we shed some light on the term sheet for Singapore startups looking to secure equity financing from external investors.
Unlocking agritech’s potential: Can Southeast Asia rise to the challenge?
In an era where agriculture both drives and bears the brunt of climate change, digital technologies offer a path to empowerment.
Can alternative proteins help build a more secure and sustainable food system?
The current food system –struggling to keep up with the demand from a growing global population– has been criticised as part of the problem.
How gaming innovations in Web3 are rewriting entrepreneurial playbooks
Web3 gaming seamlessly incorporates digital assets and NFTs, paving the way for innovative monetisation avenues.
THOUGHT LEADERSHIP
Generative AI in daily life: A practical guide
From transforming creativity to enhancing productivity, generative AI allows individuals and businesses to push boundaries and explore new avenues.
Cultural intelligence (CQ): The key to unlocking success in global workspaces
CQ is the cornerstone of this ability, helping us lead, connect, and collaborate with people who bring diverse perspectives to our teams.
Singapore’s green future – Are homes and condominiums ready for EVs?
As the adoption of electric vehicles (EVs) accelerates, Singapore’s homes and condominiums must prepare for this shift.
The rise of crypto ETFs: A new dimension in investing
This article outlines the key features of ETFs and crypto ETFs, their advantages, and the potential risks investors should consider.
The post Ecosystem Roundup: Grab returns to profit in Q3 | Philippine startup ecosystem rebounds | Intudo closes US$125M across 2 funds appeared first on e27.