By Susan Cunningham
The Star (Malaysia)
27 March 2019
When ride-sharing company Grab agreed to buy Uber’s South-East Asian assets a year ago, it seemed that its hardest and longest fought competition was finally over – at least in its seven markets that weren’t Indonesia.
In its home base of Singapore, Grab especially had a wide open field, having raised US$4.64bil (RM18.9bil) in funding from the likes of SoftBank and DiDi Chuxing.
Its chief competitors were those taxi drivers who didn’t use the Grab app. The hailing apps from well-funded foreigners – German-Brazilian Easy Taxi and Britain’s Hailo and Karhoo – had been driven out by 2016.
Yet instead of surging with an influx of Uber’s former passengers, the number of “Daily Active Users” of the main Grab app in Singapore plunged after Uber withdrew from the city-state in May.
The number of such users fell from almost 171,000 on June 1, 2018 to 135,576 by Dec 1, 2018, according to analytics firm SimilarWeb’s data on Android phone users. That’s a loss of almost 40,000 Daily Active Users over the six-month period. MORE
Postscript: I should have mentioned in the story that the Android operating system had about 75% of the Singapore smartphone/tablet market during most of 2018. In Indonesia, Android had about 92% of the market.
By Susan Cunningham
This story appears in the March 2018 issue of Forbes Asia as “Up for Grabs”
When Grab closed a $2.5 billion fundraising round in January, the valuation of the ride-hailing company not only rose north of $6 billion, according to Pitchbook. It also lifted cofounder Anthony Tan onto the list of Malaysia’s 50 richest. He debuts with an estimated net worth of $300 million. Led by SoftBank and Didi Chuxing, the investment was Southeast Asia’s biggest single venture-capital fundraising round ever. Other investors include Hyundai Motor and Toyota Tsusho.
Tan, 36, the startup’s chief executive, could have enjoyed a cushy ride with his family’s auto-sales business, run by his father, Tan Heng Chew, and two uncles. (Heng Chew and his brothers made the list the last five years before falling off this year.) But six years ago he teamed up with a Harvard Business School classmate, Tan Hooi Ling (no relation), to launch a taxi-hailing application in their home city of Kuala Lumpur. They first called it MyTeksi.
Myanmar and Cambodia
With eight investment rounds under its belt, Grab has branched out into services for private cars, motorcycle taxis, carpooling and goods delivery while making an ever increasing investment in mobile-software research and development. It offers transportation services in 168 cities in eight Southeast Asian countries, having added Cambodia and Myanmar in 2017. Continue reading