Daily Markup #644: Grab celebrates a decade in business! Three attributes that led to this decacorn’s superapp success

December 1, 2022 · 2 min read

Being everything and everywhere for everyone

Remember life before Grab? It’s okay if you don’t, because the 500-backed superapp has been around for 10 years! In the past decade, the company has offered various services to countless people across Southeast Asia, changing the way we live and work.
Considering how 90% of startups fail, how did Grab navigate the ecosystem, triumph over Uber and the pandemic, and get minted as the region’s first decacorn?
Wee Tang Yee, Managing Director of Grab Singapore, attributes the team’s success to 3 factors: (1) providing a platform that brings greater access to convenience and meets the differing demands and needs of consumers; (2) being highly scalable and inter-connected, which empowers merchants, drivers, and delivery partners to grow; and (3) their most distinguishing factor — Grab’s triple-bottomline approach to business.
That doesn’t mean the team has never faltered. “We acknowledge that we do not always get things right the first time,” Wee Tang said. “But we are committed to a cycle of optimizing, experimenting, and optimizing again until we do.”
It is this spirit of adaptability that Grab was able to respond quickly to the challenges brought about by the pandemic. Wee Tang shared that one of the team’s most memorable solutions was GrabCare, rolled out within 72 hours in response to healthcare workers experiencing difficulty getting a ride home after their shift.
The company also launched GrabMart and GrabExpress to offer delivery services during the lockdown. They have since become permanent features on the app!
Beyond business, Grab supports initiatives that create a positive social impact on the local communities and environment. “We have committed US$1 million annually from the GrabForGood Fund towards the new GrabScholar programme in SEA. Providing underprivileged children access to quality education will uplift and transform their lives,” Wee Tang said.
So, what’s next for a startup that seems to have done it all? “Grab Singapore will remain laser-focused on our three core businesses — Mobility, Deliveries, and Financial Services, which aim to address the needs of our consumers and partners,” he commented.
Read the full interview on VulcanPost.