Tech Sharing

Tech Sharing

Advertisement

Posts Tagged ‘ Grab ’

Grab, ride-sharing service, just received a cool US$2 billion (RM8.57 billion) in investment monies from Japanese telecoms firm SoftBank, and Chinese ride-hailing app Didi Chuxing. This amount does not include other Grab investors for its current financing round, which is estimated to be worth an extra US$500 million ~(RM2.14 billion).

According to TechCrunch, the new round of investment would bump up Grab’s valuation to US$6 billion (~RM25.7 billion) or higher – more than double of its last valuation at US$3 billion (~RM12.85 billion).

According to Bloomberg’s analysis panel with their in-house tech reporter Lulu Chen, this investment round would be the largest single financing round for consumer tech ventures based in Southeast Asia. Grab’s previous round from September 2016 raised US$750 million (~RM3.2 billion).

Grab will be using the funds to expand to different regions, and to tackle legislation costs, and address the inner workings of its online payment methods.

Currently, Grab is available in seven countries across SEA, with 1.1 million drivers using the platform. Besides the private-car and taxi hiring options we see in the local iteration, Grab also offers motorbike taxis and shuttle bus services, depending on the region you’re in.

 

In context, Didi Chuxing acquired Uber China in August 2016. Didi Chuxing is the result of two rival car-hailing apps coming together (they were back by giant Chinese tech firms, Tencent and Alibaba). As of April 2017, Didi Chuxing is worth roughly US$50 billion (~RM 214 billion).

Softbank is headquartered in Tokyo, Japan, and it is currently ranked #38 on Forbes Global 2000. The ranking is an indicator of the top 2000 public companies in the world.

 

All you have to do is key in the UBER3RDBDAY promo code within the Uber app. Do keep in mind that that the maximum discount per trip is RM5, which means you can’t just hitch a ride to Singapore and expect to be entitled to the 33-percent discount.

That’s not all, in conjunction with its third anniversary, Uber will also be bringing its services to three additional cities in Malaysia: Langkawi, Alor Setar, and Miri – bringing the total number of Malaysian cities where Uber is available to 12.

Ride-hailing app GrabTaxi has rebranded itself as just Grab, the company announced today. The change is effective for all six countries Grab is operating in, and comes complete with a visual rejig, a new logo, and a redesigned app.

As the startup’s services include private car and bike ride-hailing, carpooling, and delivery, the “Taxi” in the name was becoming a little superfluous. “We’re no longer just a taxi app,” Anthony Tan, CEO and co-founder of the company, said during a media event in Singapore.

Grab is Uber’s biggest rival across Southeast Asia. Last month, the Singapore-based firm announced it has joined an alliance between ridesharing companies Lyft, Ola, and Didi Kuaidi to take on their US-based adversary. The alliance allows customers of all four companies to use each other’s services when they’re in their respective territories without switching apps. The firms also share technology and data insights.

The revamped Grab app

grab-new-app-screenshots

Under the hood

The new branding comes along new features in the revamped Grab app. Some of them are aimed at improving the overall user experience. It will now feature personalized locations, pre-filling pickup and drop off points based on your most common trips. Which points those are is determined by the time and day as well as your location.

Things like automated retries to get a driver and improved driver tracking are also aimed at a better experience and address some of the most common user complaints with it. GrabPay, the app’s integrated payment system will now support multiple credit cards. The feature, currently available in Singapore, Indonesia, Philippines, and Malaysia, will roll out to Thailand and Vietnam in the first half of the year.
Finally, GrabWork will allow business riders to tag their business rides so they can expense them more easily. A passenger hub will allow all riders to monitor their booking history and get personal or business statements for claims purposes.
The Grab passenger hub

grab-passenger-hub-booking-history-screenshot

Good year

Across the six countries it operates in, Grab had 200,000 drivers and 1.5 million bookings per day in 2015, Anthony said. GrabCar saw an average monthly growth of 35 percent, while GrabBike grew 75 percent. During 2015, the company launched carpooling service GrabHitchand delivery service GrabExpress.

The rebranding comes just a few days after Grab announced the launch of a new research and development center in Seattle, along with the ones in Beijing and Singapore.

In recent years, Asia has experienced a ride booking boom. Uber is aggressively attacking Southeast Asia, while Rocket Internet’s Easy Taxi is still fighting hard to gain a strong foothold in the region – sometimes unsuccessfully.

GrabTaxi is the only home grown app gaining traction across large swathes of Asia. Born out of Malaysia (where it’s known as MyTeksi), it’s experiencing a rapid and colourful growth story across Southeast Asia. The start up recently became one of the Southeast Asia’s only home grown start up “unicorn” companies, with an estimated billion-dollar valuation.

Here is a visual timeline of how GrabTaxi went from soliciting business door-to-door in Kuala Lumpur to raising US$340 million in funding – a quarter of a billion of which is from Softbank – and entering six markets across Asia in under three years.

 

History-of-Unicorn-GRABTAXI-1_thumb.png