Harrison White
Nasdaq-listed Grab Holdings Inc., Southeast Asia’s leading super app, has completed its acquisition of Nham24, Cambodia’s foremost food delivery and e-commerce platform, in a landmark buyout. Hailed as the largest venture capital exit in Cambodia’s history (despite the exact figure remaining undisclosed), the deal has drawn significant regional attention to the country’s budding startup ecosystem. This milestone raises an important question: can such a high-profile transaction inspire early-stage investors to back the next generation of Cambodian startups?
A Transformative Exit for Cambodia
Nham24, founded in 2016 by Borima Chann, began as a straightforward food delivery service born out of Borima’s interest in e-commerce during his university years. Over time, it grew into a comprehensive platform encompassing grocery delivery, ride-hailing, parcel delivery, e-commerce, and even bus and ferry bookings. Recognizing the company’s potential, the Smart Axiata Digital Innovation Fund (SADIF) made an early investment in 2018, helping Nham24 scale its operations, grow its user base to over a million, and create income opportunities for thousands of delivery partners and merchants.
The acquisition by Grab, finalized in December 2024, solidifies Nham24’s leadership in Cambodia and underscores its role in revolutionizing the country’s digital economy. The deal is also a landmark for SADIF, showcasing the fund’s ability to identify and nurture transformative startups capable of achieving high-profile exits.
Bora Kem, Partner at Mekong Strategic Ventures (MSV), General Partner for the Smart Axiata Digital Innovation Fund (SADIF) told Cambodia Investment Review (CIR): “Navigating a sales process is always challenging, especially when the acquirer is a Nasdaq-listed entity,” he explained. He noted that this deal demonstrates Cambodian startups are not only capable but also ready to integrate with global markets. Bora believes this milestone will encourage early investors to continue taking calculated risks on emerging companies in Cambodia.
The transaction also addresses a key challenge for private equity investors in the country—exit opportunities. “This transaction highlights that strategic sales to global players are indeed achievable in the Kingdom,” Bora added, underscoring the deal’s potential to inspire confidence in Cambodia’s investment landscape.
Boosting Investor Confidence
The acquisition has been widely praised as a validation of Cambodia’s ability to foster startups that attract international attention. Khmer Enterprise CEO Dr. Vanmunin Chhieng pointed out that the deal showcases the potential of local startups to compete regionally. “The acquisition of Nham24 by Grab marks a significant achievement for Cambodia’s entrepreneurial ecosystem,” Dr. Vanmunin said. “This acquisition will undoubtedly inspire the next generation of Cambodian tech innovators.”
Regional media attention around the acquisition has further highlighted Cambodia’s growing prominence in Southeast Asia’s digital economy. Industry observers see the buyout as a critical moment for inspiring early-stage investors to look beyond the perceived challenges of investing in Cambodia’s nascent tech sector.
Maximus Thornton, co-host of Cambodia’s leading startup podcast Rising Giants, noted the importance of Grab’s involvement. “Grab is the No.1 proxy in the US equity market for broad Southeast Asia technology exposure,” Thornton explained. He added that the acquisition signals to Cambodian startups that large-scale exits are not only possible but are already happening in the local market.
A Founder’s Vision
For founder and CEO Borima Chann, the deal is a testament to years of hard work and a shared vision for the company’s future. Reflecting on the acquisition, Borima expressed confidence in what lies ahead: “This is an incredible milestone not just for Nham24 but for the entire startup community and budding entrepreneurs in Cambodia.” He emphasized the alignment between Nham24’s mission and Grab’s capabilities, noting that Grab’s deep technology and research expertise will elevate the platform to new heights.
Borima also hopes the transaction will serve as a beacon for other entrepreneurs and investors. “I am confident that this move will inspire early-stage startups and investors alike, setting Cambodia as the next big innovation ecosystem for startups and entrepreneurship,” he said.
Challenges to Early-Stage Investment
Despite this historic exit, Cambodia’s startup ecosystem remains in its early stages, facing challenges that deter early-stage investment. Limited local venture capital funding and a lack of familiarity with startup investment principles, such as operating at a loss to capture market share, present significant barriers. Founders often struggle to not only pitch their ideas but also educate potential investors on the startup model.
Investors also cite concerns such as inadequate financial management, limited international ambition, reluctance to formally register businesses, and long sales cycles. While international aid organizations and development partners often fill funding gaps, their involvement can sometimes lead to inefficiencies that are misaligned with startups’ needs.
A Bright Future?
The Nham24-Grab deal has set a precedent, showing what is possible for Cambodian startups with the right vision, backing, and global partnerships. As Dr. Vanmunin Chhieng noted, the acquisition will likely inspire new generations of tech innovators in Cambodia. However, for the ecosystem to mature, regulatory improvements and education for both founders and investors are critical.
The deal has already brought much-needed attention to Cambodia’s potential as a hub for digital innovation. Whether it will catalyze a wave of early-stage investments remains to be seen, but the foundation has been laid for Cambodia to become Southeast Asia’s next rising star in the tech sector.
Harrison White is founder & editor of Cambodia Investment Review – follow him on LinkedIn here.