Anthony Tan, born into one of Malaysia’s wealthiest families, decided to challenge himself by starting a business that could serve as a force for good. In partnership with his co-founder, Hooi Ling Tan, he launched Grab in 2012, initially focused on addressing safety concerns in Malaysia’s taxi system. Despite facing initial skepticism from his family, Tan persisted and secured investment from his mother to kickstart the company. An early obstacle was the lack of capital to attract drivers to the platform, which led to Tan traveling across Southeast Asia personally to convince taxi drivers to join Grab.
The early days of Grab were marked by intense workdays, with Tan often putting in 15-20 hours a day, seven days a week. Without proper office amenities or funding, he relied on creative methods to onboard drivers, such as providing free coffee and engaging with taxi fleets. Gradually, Grab gained traction and expanded its services beyond ride-hailing to include food and grocery delivery, as well as financial services like payments, lending, and digital banking. The company’s impact on employment in Southeast Asia became evident when it significantly altered national unemployment rates in certain countries.
In 2018, Grab made a significant move by acquiring Uber’s Southeast Asia business, cementing its dominance in the region. The deal also saw Uber’s CEO, Dara Khosrowshahi, joining Grab’s board of directors. Despite facing antitrust allegations and regulatory scrutiny, Grab’s influence on Southeast Asia’s infrastructure and economy cannot be denied. The company’s initial public offering in 2021 solidified its position as a major player in the tech industry, with a valuation exceeding $14 billion.
The success of Grab has been attributed to its deep understanding of the needs of customers in Southeast Asia, particularly those at the bottom of the economic pyramid. By offering essential services like micro-financing programs, Grab has empowered individuals to access opportunities that were previously out of reach. Tan emphasizes the importance of serving this underserved market and providing them with an ecosystem that caters to their specific needs.
Through perseverance, strategic partnerships, and a commitment to societal impact, Anthony Tan has transformed Grab from a startup addressing a local problem to a multinational ride-hailing giant and super app servicing millions of users across eight countries in Southeast Asia. Tan’s journey from a privileged upbringing to the challenging world of entrepreneurship exemplifies his dedication to creating positive change in the region. Grab’s journey serves as a testament to the transformative power of business when driven by a sense of purpose and a commitment to serving the community.
