When it comes to riding services, Uber and Lyft are top of the line, but in Southeast Asia - Grab is the king. The company has finally extended its reaches to the U.S, offering a mobile super-app that cover payments, food deliveries, and many other services. Let’s check out Grab!
⚾ The Elevator Pitch:
Who even flags down a taxi anymore? With tons of ride-sharing options, customers are really spoiled for choice. Ever since Uber has shown the world that booking a ride requires is just 2-3 taps away, many have decided to jump on the wave with their own variations. Grab is one of these variations, that has become an even more feature-rich solution compared to Uber, Lyft, and similar apps.
In 2019, Grab was valued at $14 billion, making it the region's first “Decacorn”, a term used to describe startups that have reached a valuation of at least $10 billion. It operates in Singapore, the Philippines, Vietnam, Thailand, etc., and has now opened its services in the USA.
👇 The Drop Down
Tech trend: Fintech
Traction - Valued at $14 billion, recently made $40 billion SPAC deal, 10,000+ employees in the world, featured on TechCrunch and Bloomberg
Team - Serial entrepreneurs, Engineers, and Venture Fellows
Anthony Tan (CEO) | Hooi Ling Tan (co-founder) | Worachat Luxkanalode (Executive)
🔍 Why we like it
- 🏎️ Ride-hailing is in their Blood
Anthony and Hooi came up with the idea of a cab-hailing app in 2012. Like most startups, they bagged $25,000 in prize money and kickstarted the idea. Because the duo was from Malaysia, they were familiar with the region’s transport sector (hence why they started with transportation as their first target). Starting from business schools to offering payment gateways and pickups - The duo has come a long way and is already streamlined to go even further.
- 📈 More Regional Partnership…More success
To go public, Grab recently partnered with Altimeter, a SPAC company based in the U.S. In 2020 the company managed to generate around $12.5 billion (GMV) and is now expected to grow $39.5 billion. It expects to see the market jump from $52 billion to $180 billion by 2025. “Our milestone is to benefit from the digital economy, and we’re up for the immense market challenges. Our super app strategy enables a more sustainable delivery growth.” says co-founder and CEO Anthony Tan.
- 👫 Consumer, Driver, Merchant, Enterprise
In the span of a few years, Grab hailed from a simple ride-sharing service to a full consumer, driver, merchant, and enterprise suite. Grab recently launched Food and Grocery delivery service, along with a full-fledge payment gateway to allow customers to pay to any POS as a virtual debit card. Now that’s what Grab offer on the app, the company has also started providing insurance services and loans which is a part of their “Grow with Grab” strategy. The company has not only managed to become a leading ride-hailing service but has also expanded to areas where no other competition dares to enter.
🤝 Get Involved with Grab
- Download their Super-app on Android or iOS
- Follow them on Facebook, Instagram, and Twitter
- They currently hiring, plus check the newsroom