Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Grab Holdings Limited is entering a consequential phase in its evolution as both an on-demand platform and a broader digital ecosystem.</li>
<li>After reporting a first full year of net profit in 2025, delivering $500 million of adjusted EBITDA, and outlining a three-year roadmap that targets roughly 20% annual revenue growth and $1.5 billion of EBITDA by 2028, the company has now added a major external growth lever to the conversation: the proposed $600 million cash acquisition of Delivery Hero’s Foodpanda Taiwan business.</li>
<li>The transaction would mark Grab’s first meaningful expansion outside Southeast Asia and would give it immediate exposure to a market where Foodpanda generated roughly $1.8 billion of gross merchandise value in 2025 and was profitable on an adjusted EBITDA basis before group cost allocations.</li>
</ul>


Grab Holdings Limited is entering a consequential phase in its evolution as both an on-demand platform and a broader digital ecosystem.
After reporting a first full year of net profit in 2025, delivering $500 million of adjusted EBITDA, and outlining a three-year roadmap that targets roughly 20% annual revenue growth and $1.5 billion of EBITDA by 2028, the company has now added a major external growth lever to the conversation: the proposed $600 million cash acquisition of Delivery Hero’s Foodpanda Taiwan business.
The transaction would mark Grab’s first meaningful expansion outside Southeast Asia and would give it immediate exposure to a market where Foodpanda generated roughly $1.8 billion of gross merchandise value in 2025 and was profitable on an adjusted EBITDA basis before group cost allocations.


Grab Takeover Of Foodpanda Taiwan Might Change Everything For Investors!

<ul>
<li>Grab delivered a year characterized by accelerating ecosystem-led growth alongside expanding profitability, reflecting progress across its on-demand, merchant, and financial services pillars, while also introducing new strategic complexities.</li>
<li>Growth within Deliveries was supported by the outperformance of GrabMart, which expanded faster than food delivery due to deeper supermarket integration, shifts toward weekly stock-up behavior, and cross-ordering through GrabMore, lifting users and frequency.</li>
<li>However, the segment still represents a relatively small share of overall GMV and remains exposed to execution risk as it scales.</li>
</ul>


Grab delivered a year characterized by accelerating ecosystem-led growth alongside expanding profitability, reflecting progress across its on-demand, merchant, and financial services pillars, while also introducing new strategic complexities.
Growth within Deliveries was supported by the outperformance of GrabMart, which expanded faster than food delivery due to deeper supermarket integration, shifts toward weekly stock-up behavior, and cross-ordering through GrabMore, lifting users and frequency.
However, the segment still represents a relatively small share of overall GMV and remains exposed to execution risk as it scales.


Grab Holdings: From Food to Daily Essentials—The Hidden Upside in Delivery Mix Shift!

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Research Reinvented

<ul>
  <li>Grab is the leading super-app in Southeast Asia, with a dominant position in mobility and food delivery across eight countries, creating a powerful network effect.</li>
  <li>The company has demonstrated a clear path to profitability, achieving its 15th consecutive quarter of positive adjusted EBITDA and recent quarterly net profits, driven by strong top-line growth and improving margins.</li>
  <li>Significant long-term growth potential resides in its burgeoning Financial Services segment, which is experiencing rapid revenue growth and is expected to reach breakeven in 2026, offering substantial upside.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Grab is the leading super-app in Southeast Asia, with a dominant position in mobility and food delivery across eight countries, creating a powerful network effect.
  The company has demonstrated a clear path to profitability, achieving its 15th consecutive quarter of positive adjusted EBITDA and recent quarterly net profits, driven by strong top-line growth and improving margins.
  Significant long-term growth potential resides in its burgeoning Financial Services segment, which is experiencing rapid revenue growth and is expected to reach breakeven in 2026, offering substantial upside.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Grab Holdings  (GRAB US) - Jan 2026

<ul>
<li>Grab Holdings Ltd. has announced a bold step in its ongoing transformation into a tech-driven super-app, revealing plans to acquire Chinese startup Infermove in a move that could reshape its delivery logistics.</li>
<li>The Singapore-based firm, already a key player in Southeast Asia’s ride-hailing and food delivery market, is doubling down on artificial intelligence and robotics to sharpen its edge against rivals.</li>
<li>Infermove, a Beijing-based company founded in 2021, specializes in mixed-road autonomous driving systems and a suite of robotic delivery hardware, including single-arm and armless delivery robots.</li>
</ul>


Grab Holdings Ltd. has announced a bold step in its ongoing transformation into a tech-driven super-app, revealing plans to acquire Chinese startup Infermove in a move that could reshape its delivery logistics.
The Singapore-based firm, already a key player in Southeast Asia’s ride-hailing and food delivery market, is doubling down on artificial intelligence and robotics to sharpen its edge against rivals.
Infermove, a Beijing-based company founded in 2021, specializes in mixed-road autonomous driving systems and a suite of robotic delivery hardware, including single-arm and armless delivery robots.


Grab’s Robot Delivery Revolution: Will Humans Be Replaced?

<ul>
<li>In the latest earnings results, Grab Holdings Limited showcased a mix of strong performance and strategic development, underscored by various operational highlights and anticipated challenges.</li>
<li>The company reported substantial growth across its segments, reflecting increased user engagement and strategic product innovations.</li>
<li>In terms of financial performance, Grab saw an impressive year-over-year increase in monthly transacting users by approximately 6 million, reaching 48 million.</li>
</ul>


In the latest earnings results, Grab Holdings Limited showcased a mix of strong performance and strategic development, underscored by various operational highlights and anticipated challenges.
The company reported substantial growth across its segments, reflecting increased user engagement and strategic product innovations.
In terms of financial performance, Grab saw an impressive year-over-year increase in monthly transacting users by approximately 6 million, reaching 48 million.


Grab Holdings Scales Up Its Digital Empire—Are AVs

Singapore

Grab is a leading superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial services. Its platform connects consumers with driver and merchant partners for on-demand food, grocery, and package deliveries, ride-hailing, and digital payment solutions. The company is headquartered in Singapore and was founded in 2012.

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Grab (GRAB US)

Grab Takeover Of Foodpanda Taiwan Might Change Everything For Investors!

Grab Holdings Limited is entering a consequential phase in its evolution as both an on-demand platform and a broader digital ecosystem.

Baptista Research

Grab Holdings: From Food to Daily Essentials—The Hidden Upside in Delivery Mix Shift!

Grab delivered a year characterized by accelerating ecosystem-led growth alongside expanding profitability, reflecting progress across its on...

Baptista Research

Primer: Grab Holdings (GRAB US) - Jan 2026

Grab is the leading super-app in Southeast Asia, with a dominant position in mobility and food delivery across eight countries, creating a...

αSK Primers

Grab’s Robot Delivery Revolution: Will Humans Be Replaced?

Grab Holdings Ltd. has announced a bold step in its ongoing transformation into a tech-driven super-app, revealing plans to acquire Chinese startup...

Baptista Research

Grab Holdings Scales Up Its Digital Empire—Are AVs

In the latest earnings results, Grab Holdings Limited showcased a mix of strong performance and strategic development, underscored by various...

Baptista Research

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