Grab Holdings Limited · NASDAQ:GRAB
Grab — SPAC Merger (April 2021)
69 slides from Grab's SPAC merger presentation, Apr 13, 2021
Slide 1: Filed by J1 Holdings Inc. Pursuant to Rule 425
Filed by J1 Holdings Inc. Pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended Subject Company: Altimeter Growth Corp. Commission File No.: 001-39573
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by Grab Holdings Inc. (the “Company”) and Altimeter Growth Corporation (the “SPAC”) in connection with a potential business combination involving the Company and the SPAC (the “Transaction”) and is preliminary in nature and solely for information and di
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) The forward-looking statements and financial forecasts and projections contained in this Presentation are subject to a number of factors, risks and uncertainties, some of which are not currently known to us. You should carefully consider the risks and uncertainties described in t
Slide 4: Driving Southeast Asia Forward: A letter from our co-founders
DRIVING SOUTHEAST ASIA FORWARD A letter from Anthony and Hooi Ling, our co-founders Back in business school where we met, we both took a class called “Business at the Base of the Pyramid”. We were greatly inspired by the many examples of double bottom line companies - those dedicated to delivering p
Slide 5: Southeast Asia's leading everyday everything app
DRIVING SOUTHEAST ASIA FORWARD A letter from Anthony and Hooi Ling, our co-founders (cont’d) Southeast Asia’s leading everyday everything app Today, we have grown into Southeast Asia’s leading superapp, based on GMV according to Euromonitor. We operate in over 400 cities in eight countries across th
Slide 6: Transaction overview
Transaction overview Issuer§ Altimeter Growth Corp. (Nasdaq: AGC) PIPE Size§ $4.04B Price§ $10.00 per common share 1 § $30.36B (Enterprise Value ) Valuation 2 § $39.55B (Equity Value ) Anchor Order§ $0.75B from Altimeter Capital Management and affiliates Backstop§ $500M of Trust Proceeds from Altime
Slide 7: Altimeter overview – Grab's long term partner
+ Altimeter overview – Grab’s long term partner Altimeter’s long term commitment ~$16B ~$12B ~79% Total Firm AUM Total Private Capital Managed Net IRR (VC) Up to $1.2B PIPE investment ■ Entrepreneur led firm dedicated to helping founders from Altimeter Capital innovate and change the world ■ Leading
Slide 8: 02. Key Investment Highlights 01. 03. Financial Highlights Overview of Grab 04. Appendix
02. Key Investment Highlights 01. 03. Financial Highlights Overview of Grab 04. Appendix
Slide 9: How we started
How we started
Slide 10: Our mission
HOW CAN WE MAKE A DIFFERENCE? BUILD MARKETPLACES THAT ENABLE EVERYDAY ENTREPRENEURS TO THRIVE Provide delightful experiences that encourage consumers to do business with everyday entrepreneurs. Offer high value. OUR MISSION Drive Southeast ENSURE THE SUSTAINABILITY OF OUR Asia forward MISSION by cre
Slide 11: Principles – how we stay on mission
4 H PRINCIPLES – HOW WE STAY ON MISSION HEART HUNGER To serve our communities Achieving our mission and each other requires grit and drive Consumer first. Kaizen, in big and small ways. OneGrab. Build on ground truths. Leaders coach, serve, and inspire. OUR MISSION Drive Southeast Asia forward HONOU
Slide 12: Our journey so far
Our journey so far 2012 2013 2014 2015 2016 2017 2018 2019 2020 > $10B GMV >$1B Adj. Net >$1B GMV >$5B GMV Revenue Key Acquisition Selected for Launch of of Uber's digital Milestones Grab’s first business in banking service – Southeast license in GrabTaxi Asia Singapore GrabCar GrabExpress GrabShare
Slide 13: #1 Superapp in Southeast Asia
#1 Superapp in Southeast Asia Deliveries Financial Services Alternative to traditional dining options including Digital Wallet & home-cooked food and dine- GrabPay Card in restaurants Displace cash transactions Express Insurance Ride on the wave of Incumbents e-commerce with parcel delivery services
Slide 14: Everyday Everything App deeply integrated into consumers' lives
Everyday Everything App deeply integrated into consumers’ lives 14
Slide 15: Our scale and leadership in Southeast Asia
Our scale and leadership in Southeast Asia #1 1.9B $1.6B $12.5B 1 GMV in 2020 Adjusted Net Transactions Deliveries , Mobility Revenue in 2020 completed in 2020 and Financial 2 Services by GMV 25M 400+ 5M+ 2M Cities in Monthly Transacting Registered Driver Merchant Partners and 2 8 countries Users as
Slide 16: Strong top-line growth despite COVID-19
Strong top-line growth despite COVID-19 Adjusted Net Revenue as % of GMV 1 5% 14% Take rate expansion: 3x Adjusted Net Revenue ($M) 506 CAGR: 133 % Deliveries Mobility Financial Services & Others 49 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Note: Quarterly financial statistics are
Slide 17: Creating Economic Empowerment for Everyone
Creating Economic Empowerment for Everyone
Slide 18: 01. Overview of Grab 02. 03. Financial Highlights Key Investment Highlights 04. Appendix
01. Overview of Grab 02. 03. Financial Highlights Key Investment Highlights 04. Appendix
Slide 19: Key investment highlights
Key investment highlights Massive underpenetrated opportunity Category leadership at scale Deeply integrated Superapp ecosystem Hyperlocal approach Proprietary and differentiated technology World-class management and shareholders 19
Slide 20: Southeast Asia is one of the most attractive digital economies
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Southeast Asia is one of the most attractive digital economies in the world Large Market with Underpinned by MSMEs Digital and Mobile Native Strong Growth and Informal Economy 70M 670M 8 hrs 1,2 Time per day
Slide 21: Large addressable Southeast Asia market opportunity
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Large addressable Southeast Asia market opportunity Online Food Delivery Ride-Hailing Digital Wallet Payments GMV ($) GMV ($) Payments Volume ($) 2025E 2025E $1,356B 2025E $235B Cash Transaction Value $171B C
Slide 22: Southeast Asia is still in the early innings of online disruption
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Southeast Asia is still in the early innings of online disruption Online food delivery On-demand mobility addressing Digital financial services promoting providing convenience the infrastructure gap financial
Slide 23: Category leader with growth and profitability at scale
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Grab is the category leader with growth and profitability at scale across segments Deliveries Mobility Financial Services $5.5B $3.2B $8.9B Scale 1 2020 GMV 2020 GMV 2020 TPV 37% 102% 203% Growth 2020 – 2022E
Slide 24: Category leadership in presence, scale and diversity
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Category leadership in Southeast Asia in terms of presence, scale and diversity Years of Category Diversified business model across 8 countries with 1 operation position no single country contributing > 35% o
Slide 25: Highly synergistic ecosystem
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Highly synergistic ecosystem designed to maximize usage and lower cost of service More rides / deliveries / More More services spending orders More More Merchant More Driver Consumers Partners Partners Higher
Slide 26: Deep integration strengthens our Superapp ecosystem
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Deep integration strengthens our Superapp ecosystem Consumers Driver partners Merchant partners Micro-insurance products leveraging our Lending solutions leveraging proprietary Ads, lending and other solution
Slide 27: Consumers increasingly engaged within our Superapp ecosystem
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Consumers are increasingly engaged within our Superapp ecosystem Users are using more services … which increases retention rates % Monthly Transacting Users split by number of services 1-yr retention rate for
Slide 28: Bigger and faster spend by our consumers
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Bigger and faster spend by our consumers 1 GMV per user by cohort, indexed to year 1 – including 2020 Year 1 Year 2 Year 3 Year 4 Year 5 2016 Cohort 1.00x 1.41x 1.93x 2.75x 3.63x 2017 Cohort 1.00x 1.49x 2.19x
Slide 29: Cross vertical synergies accelerating growth
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Cross vertical synergies accelerating growth and underpinning competitive edge 3 …demonstrated by decreasing S&M % Integrated platform lowers our marketing spend… … and optimizes drivers’ time % of Adj. Net R
Slide 30: Our hyperlocal approach
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Our hyperlocal approach to outserve our consumers and partners Enabling local experiences to serve Hyperlocal the diversity and richness of 8 Execution countries Since 2015 – GrabFood Malaysia and Singapore r
Slide 31: Localized Superapp for each of our markets
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Localized Superapp for each of our markets Singapore Indonesia Malaysia Thailand 31
Slide 32: Strong core technology and AI
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Strong core technology and AI allows us to build a trusted and customized platform Mapping Marketplace Trust and Natural Language 40 Terabytes Optimization Optimization Safety Processing Predicting real time
Slide 33: Founders-led team with a deep bench
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team Founders-led team with a deep bench Anthony Tan Hooi-Ling Tan Ming Maa Peter Oey Chin Yin Ong CEO & Co-Founder Co-Founder President Chief Financial Officer Chief People Officer Neneng Goenadi Russell Cohen Ad
Slide 34: World-class, blue-chip shareholder base
Market opportunity Category leadership Superapp ecosystem Hyperlocalization Technology Team World-class, blue-chip shareholder base Founders Series A $5M Series C Series D-1 Series F Apr $54M $20M $790M Uber acquisition 2014 Oct 2014 May 2015 Sep 2016 Mar 2018 May 2014 Dec 2014 Aug 2016 Jul 2017 Ser
Slide 35: Creating economic empowerment for everyone
Creating economic empowerment for everyone 35
Slide 36: 01. Overview of Grab 03. 03. 02. Key Investment Highlights Financial Financial Highl Highlights
01. Overview of Grab 03. 03. 02. Key Investment Highlights Financial Financial Highl Highlights ights 04. Appendix
Slide 37: Growing topline
Growing topline GMV ($B) Adj. Net Revenue ($B) 7% 8% 13% 14% 13% 13% +40% CAGR % GMV +42% CAGR 34.2 4.5 24.7 3.3 2.3 16.7 +96% CAGR 12.5 12.2 1.6 1.0 5.7 0.4 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Actual Projected Actual Projected Note: Our 2018, 2019 and 2020 net revenue on whi
Slide 38: Improving profitability
Improving profitability 1 2 Contribution Profit ($B) EBITDA ($B) (156)% (118%) 7% 21% 30% 37% (317)% (220%) (52%) (25%) (5%) 10% % Adj. Net Revenue % Adj. Net Revenue 1.7 0.5 1.0 0.5 (0.2) 0.1 (0.6) (0.8) (1.3) (0.7) Mobility segment EBITDA positive (2.3) (1.2) since 4Q 2019 2018 2019 2020 2021 2022
Slide 39: Deliveries is growing rapidly
Deliveries is growing rapidly 1 Adj. Net Revenue (Pre-InterCo) Segment EBITDA (Pre-InterCo) GMV (Pre-InterCo) ($B) as % GMV as % Adj. Net Revenue +39% CAGR Take rate improvement 14.7 15% to reach steady state 9% 15% 15% 15% 15% 10.6 (2%) 7.5 8% +203% CAGR (34%) 5.5 6% (347%) 2.9 0.6 (478%) 2018 2019
Slide 40: Mobility is EBITDA positive at scale
Mobility is EBITDA positive at scale 1 Segment EBITDA (Pre-InterCo) Adj. Net Revenue (Pre-InterCo) GMV (Pre-InterCo) ($B) as % GMV as % GMV +35% CAGR Take rate improvement 7.9 to reach steady state 12% 12% 12% 20% 20% 20% 8% 6.1 17% 5.7 4.6 4.2 10% 3.2 8% (4%) (11%) 2018 2019 2020 2021 2022 2023 201
Slide 41: Financial Services offer a wide range of products and services
Financial Services offer a wide range of products and services Singapore Malaysia Philippines Thailand Vietnam Indonesia E-wallet ✔✔✔✔✔✔ Rewards program ✔✔✔✔✔✔ Payments & Rewards GrabPay Mastercard ✔✔ - - - - PayLater ✔✔✔ - -✔ Smartphone financing ✔✔✔✔✔ - Lending Driver cash loan / incentive advance
Slide 42: Financial Services is expanding and diversifying
Financial Services is expanding and diversifying Adj. Net Revenue TPV (Pre-InterCo) ($B) (Pre-InterCo) ($M) off-Grab TPV Non-payments on-Grab TPV Payments +23% CAGR 630 Financial Services +29% CAGR Payments Digibank 19.1 Lending Insurance Wealth 292 439 14.6 376 359 11.3 GrabPay Cash loan Auto Money
Slide 43: Key investment highlights
Key investment highlights Massive underpenetrated opportunity Category leadership at scale Deeply integrated Superapp ecosystem Hyperlocal approach Proprietary and differentiated technology World-class management and shareholders 43
Slide 44: 01. Overview of Grab 03. 04. 02. Key Investment Highlights Appendix Financial Highlights 03.
01. Overview of Grab 03. 04. 02. Key Investment Highlights Appendix Financial Highlights 03. Financial Highlights
Slide 45: GrabPay helps reinforce our Superapp flywheel
GrabPay helps reinforce our Superapp flywheel GrabPay users are using more …have higher retention rates than cash users …spending more on our platform and services… 1.8x 2.2x 2.2x Average # of use cases per 1 2 TPV per user (US$) 12-month retention rate 1 user 45 1. As of Dec 2020 2. For the Dec 201
Slide 46: Transaction structure summary
Transaction structure summary Pro Forma Valuation ($M) Sources ($M) 2 PF Shares Outstanding (M) 3,955 1 SPAC Cash in Trust 500 Share Price ($) 10.00 PF Equity Value 39,552 PIPE + FPA 4,040 3 (+) PF Net Debt / (Cash) (8,287) Grab Equity Rollover 34,260 PF Enterprise Value 31,265 2022E Adj. Net Revenu
Slide 47: Transaction Structure - Step 1: SPAC Merger
Transaction Structure - Step 1: SPAC Merger • New Cayman ListCo (“PubCo”), SPAC Merger Sub and Target Merger Sub are SPAC PubCo Security holders (Cayman) formed PubCo stock, warrants • PubCo obtains listing approval • SPAC Merger Sub merges into SPAC (with SPAC Merger Sub surviving) Merger SPAC Merg
Slide 48: Transaction Structure - Step 2: Target Merger and PIPE Investment
Transaction Structure - Step 2: Target Merger and PIPE Investment • PIPE investors purchase PubCo shares PIPE Investors • Target Merger Sub merges into Target, SPAC Cash with Target surviving Shareholders Target Shareholders • Outstanding Target stock cancelled in exchange for PubCo stock PubCo shar
Slide 49: Transaction Structure: Resulting Structure
Transaction Structure: Resulting Structure PIPE SPAC Investors Target Shareholders Shareholders PubCo (Cayman) Target SPAC Merger Sub (Cayman) (Cayman) 49
Slide 50: Cap table
Cap table Ordinary shares beneficially owned immediately prior to Ordinary shares beneficially owned immediately after closing of 1 1,2 closing of the business combination the business combination Pre-closing % of % of Class A Class B % of total ordinary total % of voting voting ordinary ordinary or
Slide 51: Cap table analysis at various prices
Cap table analysis at various prices ($M) Share price (M) $10.00 $11.50 $12.50 $15.00 $17.50 $18.00 Pre-money enterprise value 30,363 Shares outstanding at merger close 1 Grab’s existing EV to equity value bridge 3,897 Existing Grab Shareholders (rollover) 3,426.0 3,426.0 3,426.0 3,426.0 3,426.0 3,4
Slide 52: Key Terms - Staged Lock-Up Release Plan
Key Terms - Staged Lock-Up Release Plan 1 % Post-Transaction Fully Diluted Total Shares Outstanding (TSO) Top 70% Other GHI + 2 3 Mgmt Top 5 GHI SPAC PIPE %TSO Price (exc. Top 5) Employees D = Listing Day Threshold 2.3% 47.7% 12.4% 24.2% 1.3% 10.2% Released Cumulative Day 1 30% 100% 100% n.a. - - -
Slide 53: Attractively priced relative to our global peers
Attractively priced relative to our global peers Peer 2022E average: 10x 2022E multiple 2023E multiple Peer 2023E average: 8x 12x 11x 10x 10x 9 – 11x 9x Enterprise 8x 8x 7x 7x 7 – 8x value / 6x revenue Peer 2022E average: 0.23x 0.47x Growth Peer 2023E average: 0.17x 0.40x 0.38x 0.23x – 0.24x adjuste
Slide 54: Reconciliation from Pre-InterCo to Post-InterCo GMV
Reconciliation from Pre-InterCo to Post-InterCo GMV Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo 0.6 2.9 5.5 7.5 10.6 14.7 InterCo adj. 0.0 0.0 0.0 0.0 0.0 0.0 Post-InterCo 0.6 2.9 5.5 7.5 10.6 14.7 Mobility Pre-InterCo 4.6 5.7 3.2 4.2 6.1 7.9 InterCo adj. 0.0 (0.0)
Slide 55: Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue
Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 InterCo adj. (0.0) (0.0) (0.0) (0.0) 0.0 0.0 Post-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 Mobility Pre-InterCo 0.4 0.6 0.5 0.8 1.2 1.6 InterC
Slide 56: Reconciliation from Pre-InterCo to Post-InterCo EBITDA
Reconciliation from Pre-InterCo to Post-InterCo EBITDA Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo (0.2) (0.8) (0.3) (0.0) 0.1 0.3 InterCo adj. (0.0) 0.0 0.1 0.1 0.1 0.1 Post-InterCo (0.2) (0.8) (0.2) 0.1 0.2 0.5 Mobility Pre-InterCo (0.5) (0.2) 0.3 0.5 0.7 1.0 Inte
Slide 57: Reconciliation from Net Revenue to Adjusted Net Revenue
1 Reconciliation from Net Revenue to Adjusted Net Revenue ($M) 2018 2019 2020 Comment ◼ Gross Billing is a measure by which the Company evaluates and manages its business. The Company Gross Billing 966 1,667 1,816 defines Gross Billing as the total sum attributable to the Company from each transacti
Slide 58: Reconciliation from EBITDA to Net Loss
Reconciliation from EBITDA to Net Loss ($B) 2018 2019 2020 EBITDA (1.3) (2.3) (0.8) Reconciling items: Other income / expense 0.1 - - Interest expense from RCPS (0.4) (1.1) (1.4) Depreciation / amortization (0.8) (0.7) (0.4) Net loss (2.5) (4.0) (2.7) Note: Our 2018, 2019 and 2020 historical financi
Slide 59: Post-InterCo Financials
Post-InterCo Financials Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Overall GMV - Post Inter-Co 5.7 12.2 12.5 16.7 24.7 34.2 Growth (%) 115% 2% 34% 48% 39% 1 MTU (Millions) 23 29 25 29 36 43 Growth (%) 27% (16%) 20% 23% 19% 1 GMV per MTU ($) 249 419 511 571 684 799 Growth (%) 68% 22
Slide 60: Post-InterCo Financials (Cont'd)
Post-InterCo Financials (Cont’d) Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Mobility GMV - Post Inter-Co 4.6 5.7 3.2 4.2 6.1 7.9 Growth (%) 23% (43%) 29% 46% 30% Adjusted Net Revenue - Post Inter-Co 0.4 0.6 0.5 0.8 1.2 1.6 Growth (%) 56% (2%) 55% 44% 30% Take Rate (%) 8% 10% 17% 20
Slide 61: Pre-InterCo Financials
1 Pre-InterCo Financials Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Overall GMV - Pre Inter-Co 7.4 16.4 17.6 22.8 31.5 42.0 Growth (%) 121% 7% 29% 38% 33% MTU (Million) 23 29 25 29 36 43 Growth (%) 27% (16%) 20% 23% 19% GMV per MTU ($) 324 563 719 777 872 979 Growth (%) 74% 28% 8%
Slide 62: Pre-InterCo Financials (Cont'd)
1 Pre-InterCo Financials (Cont’d) Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Mobility GMV - Pre Inter-Co 4.6 5.7 3.2 4.2 6.1 7.9 Growth (%) 23% (43%) 29% 46% 30% Adjusted Net Revenue - Pre Inter-Co 0.4 0.6 0.5 0.8 1.2 1.6 Growth (%) 54% (2%) 55% 44% 30% Take Rate (%) 8% 10% 17% 20%
Slide 63: Historical balance sheet
Historical balance sheet As of Dec 31 ($M) 2018 2019 2020 Non-current assets 2,362 1,886 1,753 Plant and equipment 405 530 397 Intangible assets and Goodwill 1,750 1,204 908 Investment in associates 23 33 17 Other investment 184 119 431 Current assets 3,308 3,193 3,788 Inventories 1 5 3 Trade and ot
Slide 64: Historical balance sheet (cont'd)
Historical balance sheet (cont’d) As of Dec 31 ($M) 2018 2019 2020 Non-current liabilities 6,117 8,508 10,925 Convertible redeemable preference shares 5,847 8,256 10,726 Loan and Borrowings 162 182 155 Provisions 2 3 3 Other payables 12 16 16 Deferred tax liabilities 93 52 25 Current liabilities 606
Slide 65: Historical statement of cash flows
Historical statement of cash flows For the year ended Dec 31 ($M) 2018 2019 2020 Cash flows from operating activities Loss before income tax (2,581) (4,074) (2,735) Adjustments for: Amortisation of intangible assets 757 591 285 Depreciation of property, plant and equipment 58 113 126 Impairment of i
Slide 66: Historical statement of cash flows (cont'd)
Historical statement of cash flows (cont’d) For the year ended Dec 31 (($M) 2018 2019 2020 Cash flows from investing activities Acquisition of property, plant and equipment (59) (72) (63) Acquisition of intangible assets (10) (43) (1) Proceeds from disposal of property, plant and 1 7 0 equipment Pro
Slide 67: Risk factors relating to Grab
Risk factors relating to Grab ▪ Grab faces intense competition across the segments and markets it serves. ▪ Grab has had deficiencies in net assets and incurred net losses in each year since inception and may not be able to continue to raise sufficient capital or achieve or sustain profitability. ▪
Slide 68: Risk factors relating to Grab (cont'd)
Risk factors relating to Grab (cont’d) ▪ Grab relies to a large extent on third-party cloud infrastructure services providers, including Amazon Web Services and Microsoft Azure, and any disruption of or interference with Grab’s use of their services could adversely affect Grab’s business, financial
Slide 69: Risk factors relating to Grab (cont'd)
Risk factors relating to Grab (cont’d) ▪ Grab’s business depends heavily on insurance coverage provided by third parties, and Grab is subject to the risk that this may be insufficient or that insurance providers may be unable to meet their obligations. ▪ Grab has incurred a significant amount of deb