From $GRAB's Q2 call - on the opportunity in advertising (which I believe is a key part of the investment thesis):

“You can see that the advertising business has doubled a couple of times over the last couple of years. So you can see that we’re growing super fast.

There’s an exponential impact in here that I should explain. One is the number of advertisers that are actually trying Grab as a retail media network for the first time continues to grow. We’re still at less than 50% penetration of our merchant base in terms of those that have tried us. So there’s still upside there in terms of expanding the penetration of our merchant base. And because their return on advertising sales is averaging 8x, we know that it’s a great product for them, [...].

And then those existing advertisers on the self-serve platform also increased 31%. So really good opportunity for us there. Advertisers, as you know, want reach. So the bigger we get, the more attractive we are on a cost per point basis as well. So the pricing on the network gets larger, gets higher as we get larger simply because they -- all they care about is the returns ultimately to their investment. So this is why you’re seeing those kinds of exponential growth rates on advertising. If you look across the world, penetration of advertising to GMV in various markets can get much higher than where we are today. We’re seeing examples of 2% penetration, 3% penetration, even 4% penetration, particularly when you get into the Mart type of ecosystems. So I think depending on our different verticals, including mobility, by the way, where we’ve now introduced ads, we see opportunity to increase advertising penetration much higher than the current penetration that we have of 1.7%.“ - Q2 Call