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    Venugopal Garre

    Research Analyst at Sanford C. Bernstein & Co., LLC

    Venugopal Garre is Managing Director and Head of India Research at Sanford C. Bernstein & Co., LLC, specializing in South and South East Asia Consumer Technologies and India Strategy. He covers major regional companies, including Grab Holdings Ltd., and has consistently ranked among the top analysts in the Institutional Investor and Asiamoney surveys, earning the No. 1 India Industrials analyst ranking from Institutional Investor in 2021. Beginning his career at Colgate-Palmolive in 2001, Garre progressed through roles at Citigroup, Credit Suisse, and Barclays Capital before joining Bernstein in 2016. He holds an MBA in Finance and Marketing from the Indian Institute of Management Lucknow and a BA in Technology, with a demonstrated record of sell-side sector leadership over more than two decades.

    Venugopal Garre's questions to Grab Holdings (GRAB) leadership

    Venugopal Garre's questions to Grab Holdings (GRAB) leadership • Q1 2025

    Question

    Venugopal Garre asked for Grab's perspective on industry consolidation in the ASEAN delivery segment, its business performance in Indonesia relative to its closest competitor, and its appetite for inorganic M&A amidst potential macro risks.

    Answer

    CFO Peter Oey stated that while consolidation is hard to predict, Grab remains focused on organic growth through affordability and wider selection. President and COO Alex Hungate confirmed that Grab outgrew its closest competitor in Indonesia for the second consecutive quarter while also improving profitability there. Regarding M&A, Hungate noted a high bar for deals but highlighted recent successful bolt-on acquisitions like Chope (reservations), Everrise (grocery), and Validus (SME financing) as examples of their strategy to opportunistically add value and capabilities.

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    Venugopal Garre's questions to Grab Holdings (GRAB) leadership • Q4 2024

    Question

    Venugopal Garre asked about Grab's guidance philosophy, noting its track record of conservative starts, and questioned its medium-to-long-term capital allocation priorities between autonomous vehicles, M&A, and Digibank expansion.

    Answer

    CFO Peter Oey confirmed the company's 'beat and raise' guidance philosophy, stating they bake in potential uncertainties like holiday seasonality at the start of the year. CEO Anthony Tan and President & COO Alex Hungate emphasized strong organic growth potential in the core business, a proactive stance on a hybrid AV-human fleet future, and a focus on Indonesia. Peter Oey reiterated a consistent capital allocation framework: prioritizing organic growth first, maintaining a high bar for M&A, and returning excess capital to shareholders.

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