As anticipated, Southeast Asian superapp Seize is going public through a SPAC.
The mixture, which Fundingnewsasia mentioned over the weekend, will worth Seize on an fairness foundation at $39.6 billion and can present round $4.5 billion in money, $4 billion of which is able to come within the type of a non-public funding in public fairness, or PIPE. Altimeter Capital is placing up $750 million within the PIPE — becoming, as Seize is merging with certainly one of Altimeter’s SPACs.
Trip-sharing is a worthwhile enterprise for Seize, although the phase did take a pandemic-induced whacking.
Seize, which offers ride-hailing, funds and meals supply, will commerce beneath the ticker image “GRAB” on Nasdaq when the deal closes. The announcement comes a day after Uber informed its traders it was seeing restoration in sure transactions, together with ride-hailing and supply.
Uber additionally informed the investing public that it’s nonetheless on observe to succeed in adjusted EBITDA profitability in This fall 2021. The American ride-hailing large did a shocking quantity of labor clearing brush for the Seize deal. Further Crunch examined Uber’s ramp towards profitability yesterday.
This morning, let’s discuss by a number of key factors from Seize’s SPAC investor deck. We’ll talk about development, phase profitability, mixture prices and COVID-19, amongst different elements. You’ll be able to learn alongside within the presentation here.
How harshly did COVID-19 affect the enterprise?
The affect on Seize’s operations from COVID-19 resembles what occurred to Uber in that the corporate’s deliveries enterprise had a stellar 2020, whereas its ride-hailing enterprise didn’t.
From a excessive degree, Seize’s gross merchandise quantity (GMV) was primarily flat from 2019 to 2020, rising from $12.2 billion to $12.5 billion. Nevertheless, the corporate did handle to vastly enhance its adjusted web income over the identical interval, which rose from $1 billion to $1.6 billion.