Hey Ray, I believe Grab’s short to medium term focus will stay within Southeast Asia. They have only penetrated ~5% of the total population so far. While countries like Bangladesh or Sri Lanka could be potential targets in the future given their growth potential and relatively low competition, I think any move into those markets is still some time away.
This was a phenomenal breakdown. Let me offer an alternate lens that might be fun to read:
F, Marry, Kill + Friend-Zone and Ghost* – the M&A edition.
I’m based in Southeast Asia, with some scars (and wins) from real deals. This cheeky framework helps cut through the noise and forces clarity on what's truly worth chasing.
🚗 Mobility
GoTo (Gojek + Tokopedia) → Marry (match made in heaven)
Regulators will throw a fit. Consultants will throw a party. Market dominance plus synergy equals long-term value. If Grab wants to own the region, this is the one.
Xanh SM → Ghost
A national champion with deep pockets and Vingroup protection. They own the EVs, the drivers, the charging stations – it's vertical, asset-heavy, and not for sale. Respect it, monitor it, but don't waste energy trying to date it.
Be Group → Ghost
They claim 9% market share but it feels more like 3% on a good week. Still, in a Vietnam duopoly, this is a tactical play. There’s little to show in terms of product leadership, brand power, or ecosystem strength. No real innovation, no momentum, and no obvious exit narrative. They’re not a threat, not a partner, and definitely not a priority. Just keep them on the rear mirror and move on.
Ryde / Tada (Singapore) → F*
Tiny players with niche value. Low effort, low price, easy clean-up. Take them out, boost your optics, move on.
Bolt (Thailand) → F*
Foreign-owned, decent share, likely exit-ready. A tidy addition to Grab’s Thai playbook. Wouldn’t hurt.
Line Man → Marry
Powerful in food and growing in mobility. Backed by GIC and SoftBank, both already linked to Grab. This could consolidate the Thai market fast and make real sense strategically.
🍜 Deliveries
FoodPanda → Marry
Direct path to regional dominance in food delivery. Margins improve overnight. Antitrust scrutiny is a given, but this one’s worth the battle.
Deliveroo (Singapore) → Kill
Too small, too focused, too late. Let it fade out. No need to spend a cent here.
💳 Fintech
Timo (Vietnam) → Ghost
They had a head start but never capitalized. Leadership lacks boldness, product lacks teeth, and burn rate is high. Nothing to buy here right now. Especially now!!
BigPay (Malaysia) → F*
AirAsia gives it good brand equity. It’s not built for the long game, but Grab could use it as a short-term GXBank enhancer in Malaysia.
UNO Digital Bank (Philippines) → Marry
Philippines is underbanked and UNO is clean and ready. A long-term bet that fits perfectly into Grab’s digital banking ambitions.
Funding Societies → Marry
A bit pricey but extremely strategic. SME lending across five SEA markets with solid infrastructure. This one builds long-term value.
Crowdo → Friend-Zone
Small and interesting. Could grow into something more later. For now, keep close, collaborate, and watch.
📦 Adjacent Verticals
Ninja Van → F*
Big in logistics, big in ops complexity too. But if Grab wants to strengthen last-mile, this is a smart bolt-on. Could even flip it later.
Regional AdTech firm → F*
Plug into GrabAds, start printing revenue. Fast, clean, and relatively frictionless. Low-stakes, high upside.
Autonomous Tech (WeRide, A2Z, etc.) → Friend-Zone
Still too early for Southeast Asia. Stay close, pilot projects, but don’t acquire. Let the future come to you.
What about deals to enter new geographies? India, Sri Lanka, Bangladesh, Pakistan or other?
Hey Ray, I believe Grab’s short to medium term focus will stay within Southeast Asia. They have only penetrated ~5% of the total population so far. While countries like Bangladesh or Sri Lanka could be potential targets in the future given their growth potential and relatively low competition, I think any move into those markets is still some time away.
This was a phenomenal breakdown. Let me offer an alternate lens that might be fun to read:
F, Marry, Kill + Friend-Zone and Ghost* – the M&A edition.
I’m based in Southeast Asia, with some scars (and wins) from real deals. This cheeky framework helps cut through the noise and forces clarity on what's truly worth chasing.
🚗 Mobility
GoTo (Gojek + Tokopedia) → Marry (match made in heaven)
Regulators will throw a fit. Consultants will throw a party. Market dominance plus synergy equals long-term value. If Grab wants to own the region, this is the one.
Xanh SM → Ghost
A national champion with deep pockets and Vingroup protection. They own the EVs, the drivers, the charging stations – it's vertical, asset-heavy, and not for sale. Respect it, monitor it, but don't waste energy trying to date it.
Be Group → Ghost
They claim 9% market share but it feels more like 3% on a good week. Still, in a Vietnam duopoly, this is a tactical play. There’s little to show in terms of product leadership, brand power, or ecosystem strength. No real innovation, no momentum, and no obvious exit narrative. They’re not a threat, not a partner, and definitely not a priority. Just keep them on the rear mirror and move on.
Ryde / Tada (Singapore) → F*
Tiny players with niche value. Low effort, low price, easy clean-up. Take them out, boost your optics, move on.
Bolt (Thailand) → F*
Foreign-owned, decent share, likely exit-ready. A tidy addition to Grab’s Thai playbook. Wouldn’t hurt.
Line Man → Marry
Powerful in food and growing in mobility. Backed by GIC and SoftBank, both already linked to Grab. This could consolidate the Thai market fast and make real sense strategically.
🍜 Deliveries
FoodPanda → Marry
Direct path to regional dominance in food delivery. Margins improve overnight. Antitrust scrutiny is a given, but this one’s worth the battle.
Deliveroo (Singapore) → Kill
Too small, too focused, too late. Let it fade out. No need to spend a cent here.
💳 Fintech
Timo (Vietnam) → Ghost
They had a head start but never capitalized. Leadership lacks boldness, product lacks teeth, and burn rate is high. Nothing to buy here right now. Especially now!!
BigPay (Malaysia) → F*
AirAsia gives it good brand equity. It’s not built for the long game, but Grab could use it as a short-term GXBank enhancer in Malaysia.
UNO Digital Bank (Philippines) → Marry
Philippines is underbanked and UNO is clean and ready. A long-term bet that fits perfectly into Grab’s digital banking ambitions.
Funding Societies → Marry
A bit pricey but extremely strategic. SME lending across five SEA markets with solid infrastructure. This one builds long-term value.
Crowdo → Friend-Zone
Small and interesting. Could grow into something more later. For now, keep close, collaborate, and watch.
📦 Adjacent Verticals
Ninja Van → F*
Big in logistics, big in ops complexity too. But if Grab wants to strengthen last-mile, this is a smart bolt-on. Could even flip it later.
Regional AdTech firm → F*
Plug into GrabAds, start printing revenue. Fast, clean, and relatively frictionless. Low-stakes, high upside.
Autonomous Tech (WeRide, A2Z, etc.) → Friend-Zone
Still too early for Southeast Asia. Stay close, pilot projects, but don’t acquire. Let the future come to you.