Grab’s chief technology officer quits while the company’s capitalization ‘evaporated’ half within 4 months
Bloomberg reported that Grab’s CTO has left the company after 7 years to lead a new crypto game project.
Specifically, according to an unnamed source, Mr. Wui Ngiap Foo – who is in charge of building the mobile service team of the platform for Grab will leave the company on March 31. Foo, 35, is a key member of Grab’s global leadership team. He was the one who played a big role in the merger with Uber Southeast Asia in 2018.
Mr. Foo’s departure comes as Grab faces scrutiny from investors for its growth prospects and rapid cash burn. The company’s stock has lost more than half of its value since its IPO through a merger with SPAC in December. Not to mention, the company has repeatedly released earnings reports. disappointing business.
At Grab, Foo also oversees the company’s identity, trust and safety functions. It is known that he will join the game startup Ethlas and take the position of CEO and co-founder next week. An Ethlas spokesperson declined to comment on the matter. Grab also did not respond.
Ethlas is one of the new gaming platforms built on blockchain technology. They allow players to accumulate tradable amounts of digital currency. Games based on blockchain technology are considered one of the hottest areas of the cryptocurrency world at the moment.
According to statistics, nearly 50% of the crypto wallets activated connecting to decentralized applications in February were for gaming. Players on Ethlas’ platform can choose between a variety of games including Candy Crush, Tetris and 2048 to earn digital coins.
This startup was founded in 2021 by Foo, Gennady Medvinsky and Elston Sam. They raised $2.7 million in a seed round last month from investors including Sequoia Capital, Hustle Fund and Venturra Capital.
In the middle of this month, Ms. Nguyen Thai Hai Van also left the position of Managing Director of Grab Vietnam. Ms. Nguyen Thai Hai Van joined Grab Vietnam on November 1, 2019, after 17 years of working. at Unilever Vietnam. She officially assumed the position of Managing Director of Grab Vietnam from February 1, 2020, replacing her predecessor Jerry Lim.
After the IPO in early December 2021, Grab’s business situation was also not good. According to Bloomberg, Grab’s loss hit $1.06 billion in the fourth quarter, compared with a consensus estimate of $645 million. The growing losses had investors fleeing the stocks of other companies that had yet to turn a profit. Grab is the worst performer in the De-SPAC Index.
Grab’s share price has dropped from $13.06 per share (opening price on December 2, 2021) to $3.29 per share on March 10, 2022. From a market capitalization of 40 billion USD when IPO, Grab’s market capitalization is only 12.3 billion USD.
Source: Bloomberg
By Business and Marketing
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