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Having quickly established dominance in many parts of Southeast Asia, Grab has yet to find a similarly secure footing in Indonesia, the region’s largest economy.
Instead, GoTo Group still holds the top spot among 270 Indonesians, many of whom regularly choose Gojek for ride hailing and Tokopedia for e-commerce over Grab options.
Bloomberg reported on August 25 that both companies have been in a slump since going public, but Grab’s losses are bigger than GoTo’s.
Additionally, GoTo is currently worth $26 billion (S$36.2 billion), nearly double Grab’s US market value.$13.32 billion (SGD 18.5 billion).
Grab After announcing Q2 results before the market opens in the US on Thursday, August 25th, GoTo announced that it will release results next Tuesday (August 30th).
But in its home base of Singapore, Grab still dominates. After Grab announced that it would cut the grace period and cancellation period from 5 minutes to 3 minutes, public opinion of the company deteriorated slightly.
Also, GoTo’s dominance in Indonesia means it is ahead of its rivals.
Bloomberg Intelligence analyst Nathan Naidu said in a July 20 report: Profitability. ”
Grab led GoTo in the Indonesian food delivery market 49% to 43% last year, according to Momentum Works’ second annual report, Food Delivery Platforms in Southeast Asia, published in January.
Bloomberg added that it was down about 3% from April when GoTo made its IPO in Jakarta.
But Grab is down more than 60% after becoming a publicly traded company after merging with Brad Gerstner’s Altimeter Growth Corp. last December. /TISG
Grabcut passengers to extend wait time from 5 to 3 minutes — S$3 for first 3 minutes, public concern over abuse of system
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