Over two years ago, when I heard about Grab Holdings Limited (NASDAQ:GRAB) going public at a $40B valuation, my initial reaction was that the company was probably overpriced. Without even doing any research, I also made the uneducated conclusion that the on-demand business model in Southeast Asia might just be unsustainable and would remain unprofitable for all eternity. As it turns out, I was dead wrong about this — in Q4, the company turned GAAP profitable for the first time ever.