The Rise of Grab: How I built a $2 billion a year super app

Summary

Anthony Tan, co-founder and CEO of Grab, shares his journey from high-energy youth to leading a super app that transformed Southeast Asia's ride-hailing and gig economy. From his family background in a prominent business to overcoming skepticism from loved ones, Tan emphasizes resilience and the importance of societal benefit in entrepreneurship. Grab's evolution from 'MyTeksi' to a publicly listed company highlights the challenges and triumphs faced, including fierce competition from Uber. With a focus on innovation, including a new AI voice assistant for the visually impaired, Tan reflects on the hard work and support that fueled Grab's success, showcasing the impact on millions of users and drivers.

Takeaways

• 😀 Anthony Tan, co-founder and CEO of Grab, describes his energetic childhood and determination to push boundaries.
• 🚗 Grab has evolved from a ride-hailing service into a super app, providing services to over 35 million users across eight Southeast Asian countries.
• 💼 The company has created approximately 13 million gig jobs, significantly contributing to income generation and poverty alleviation.
• 💡 Anthony emphasizes the importance of understanding and addressing user needs as Grab expands its services.
• 🏆 Key milestones in Grab's journey include winning $25,000 in seed money at Harvard and securing $2.15 million in their first institutional investment.
• 📉 The initial idea for Grab was sparked by safety concerns in the Malaysian taxi system, aiming to create societal and economic benefits.
• 📱 The original Grab app, 'MyTeksi,' launched in 2012, faced challenges like limited funding and a lack of smartphone access for drivers.
• 🤝 The acquisition of Uber's Southeast Asia business in 2018 marked a significant turning point, solidifying Grab's market dominance.
• 🔍 Currently, Grab is focusing on AI development, with plans to launch a voice assistant feature designed for visually impaired users in 2024.
• ❤️ Despite challenges and family tensions, Anthony remains grateful for his father's teachings, reflecting on the collective effort that contributed to Grab's success.

Q & A

What childhood traits did Anthony Tan describe himself as having?

Anthony Tan described himself as a 'bull in a China shop type,' indicating he was high-energy and often pushed boundaries.

What is Grab, and how has it evolved since its inception?

Grab started as a ride-hailing service in Malaysia (originally called MyTeksi) and has evolved into a super app providing various services across eight Southeast Asian countries, including food delivery and digital payments.

How many users and drivers does Grab serve as of 2023?

As of 2023, Grab serves over 35 million users and provides a source of income for more than 13 million drivers and merchants.

What was the original purpose of creating Grab?

The original purpose of creating Grab was to address safety issues in the Malaysian taxi system, particularly for women and children.

What significant financial milestones did Grab achieve early in its journey?

Grab secured $25,000 in seed money from a startup competition at Harvard Business School, followed by $2.15 million in its first institutional investment in June 2013.

What challenges did Anthony Tan face when deciding to leave his family's business?

Anthony Tan faced tough conversations with his family, particularly his father, who expressed doubts about his decision to leave and believed he was not living up to the family legacy.

How did Grab handle competition from Uber?

Grab faced intense competition from Uber but eventually negotiated a deal in 2018 where Uber sold its Southeast Asia business to Grab in exchange for a 27.5% stake in the company, establishing Grab's dominance in the region.

What does Anthony Tan say about the importance of hard work and family values?

Anthony Tan emphasizes the teachings of hard work and honor from his family, noting that his father's lessons instilled a strong work ethic and sense of responsibility.

What is Grab's latest focus in technology?

Grab's latest focus is on artificial intelligence, with plans to launch a new voice assistant feature designed for visually impaired users in 2024.

What advice does Anthony Tan give to aspiring entrepreneurs?

Anthony Tan advises that starting a business must be a life calling, emphasizing that the journey is extremely challenging and many fail without a strong commitment.