In 2012, Anthony Tan and Tan Hooi Ling launched an app that sought to solve transport woes in Malaysia. Taxis in Malaysia had a reputation for refusing to use the in-taxi meters, and customers would be overcharged. Today, with US$5bn in funding and an app download count of more than 95 million, Grab Inc. (Grab) hails itself as the biggest startup success story of south-east Asia.
Grab began as a platform solely for ride-hailing (originally called “GrabTaxi”), allowing users to find available taxis in their area as well as get fare estimations ahead of time.This promising feature, the first of its kind in the region, not only was reassuring for the rider but also eradicated the possibility of customers being swindled. Since its inception it has expanded to offer digital payments as well as marketplace services.
Below is a quick snapshot of the company:
- Operating in 217 cities across eight countries
- 4 million daily rides
- Largest land fleet in south-east Asia
- Annual revenue of more than US$1bn (June 2018)
In this report, we explore the following:
- Grab’s south-east Asian mission and journey
- The digital payment revolution, and how Grab is contributing to it
- New developments for Grab.