Superapp: Evolved from MyTeksi to Grab
Grab is the most popular superapp in Southeast Asia, with an impressive journey to match its reach. It all began with the intention of making cab riders safer, rather than the grand vision of creating a superapp. Here’s an overview of Grab’s transformation, from its modest beginnings to its current position as a major regional digital company.
A Gap in 2012’s Market
Anthony Tan, a 2012 graduate of Havard Business School, attends a conference in the US at the beginning of the story. Anthony realised the gap in Southeast Asia’s transportation scene and was inspired by the growing ride-hailing sector. In Malaysia, they co-launched “MyTeksi,” a mobile app that linked customers with taxis, partnering with Tan Hooi Ling. Their main goal is to enhance safety and openness in the taxi-hailing process.
The growth of Grab in 2016
MyTeksi’s success laid the foundation for Grab’s regional expansion. The business had changed its name to “Grab” by 2016, indicating its ambitions beyond providing cabs. This period also saw a noteworthy achievement: partnerships throughout Southeast Asia. Grab isn’t just about convenience anymore; it’s now about empowering local drivers and businesses.
Grab’s Vision
Grab possesses ambitions that go beyond just ride-hailing. They widened their offerings after seeing the potential of the rapidly expanding internet economy in Southeast Asia. The launch of GrabFood in 2016 marked a significant turning point. The Grab ecosystem will soon include food delivery, grocery and package delivery, mobile payments, and even financial services. This transformation cemented Grab’s position as a superapp, a comprehensive platform meeting daily needs.
A Record of Development
Grab’s important turning points occur periodically throughout the journey. It solidified its supremacy in the region in 2018 when it acquired Uber’s Southeast Asian business. This crucial move also signified the end of a challenging ride-hailing rivalry that had engulfed the field for years. Grab achieved another milestone in 2021 by completing a record-breaking SPAC merger, which propelled the company closer to going public on the NASDAQ. This accomplishment cemented Grab’s place as the first decacorn (a startup valued at over $10 million) in the region. Grab was most recently named by Fast Company in 2023 as one of the Asia-Pacific region’s most innovative companies.
The future of Grab
Grab has advanced significantly from its humble beginnings as MyTeksi. Currently, it serves over 190 million users in six countries. But Grab’s mission is more than just financial success and app downloads. Grab’s mission is to “drive Southeast Asia forward,” as stated in a letter by the founders. Their support for small and medium-sized enterprises (SMEs), which are the backbone of the local economy, is a manifestation of this dedication. They aim to attract millions of entrepreneurs and promote financial inclusion by incorporating local businesses into their platform.
In the future, Grab’s journey is far from over. Grab has secured an ideal position to play a key role as Southeast Asia keeps embracing the digital age. Grab is expected to have an equally transformative future as its past, whether it is expanding into new areas, creating creative financial solutions, or leading environmental practices.
