Grab ride-hailing service predicts that 2019 revenue could double, proving the position of Southeast Asia’s most valuable startup.
Grab revenue could increase from $ 1 billion in 2018 when completing the acquisition of Uber in Southeast Asia and expand into new areas from bike sharing to e-payment. At Bloomberg’s Sooner Than You Think technology conference, co-founder Hooi Ling Tan said Grab was on track to raise $ 3 billion in investment before the end of the year. This amount includes $ 1 billion from Toyota, the Japanese car maker.
Grab is expanding rapidly in Southeast Asia to become the largest transportation platform in the region and leveraging its post-Uber leverage. It also spreads heat to Go-Jek, Grab’s No. 1 rival in Indonesia, which has just announced plans to enter Singapore, Thailand, Vietnam and the Philippines. The company is considering other areas to diversify such as food delivery, finance, healthcare.
According to co-founder Tan, Southeast Asia has more opportunities than any other region in the world because technology has not really shaped the lives of people here. Grab also wants to increase its presence in Indonesia.
With the backing of investors such as SoftBank (Japan), Didi Chuxing (China), Grab is using capital to expand both geographically and business operations. After acquiring Uber Southeast Asia, the startup opened a venture capital firm and opened the platform for other startups to provide services to customers. In March 2018, Grab launched GrabCycle, a bike-sharing market and Popscoot bike rental service. These initiatives enable them to achieve $ 1 billion in revenue for the first time this year.
Du Lam / Bloomberg
* Source: ICT News