WeChat and Go-Jek have demonstrated the possibility of business success when it comes to super applications. Following suit, the Singapore-based cab aggregator Grab has also ventured into the world of super apps. In an endeavor to expand its portfolio of services offered and the market, Grab has raised an investment of $300 million from the investment management company Invesco. Grab aims to raise $6.5 billion in total by the end of this year.
The total investment of Invesco in Grab now adds up $703 million. The acquisition of OppenheimerFunds by Invesco has increased this number – the acquired company had already invested $403 million in July 2018.
The officials at Invesco have expressed their confidence in the capabilities of Grab to unlock new opportunities when it comes to on-demand services. Grab plans to expand into territories like delivery and financial services in addition to the on-demand mobility services that it already provides. With its epicenter in Singapore, Grab also plans to expand its territorial reach to the whole of southeast Asia.
It should also be noted that Grab had already attracted an investment of $1.46 billion from SoftBank Vision Fund. The big names associated with Grab when it comes to investments include Hyundai, Booking Holdings, Microsoft Corporation, Ping An Capital and Yamaha Motors.
The $300 million investment is expected to catapult Grab into being a market leader or at the least, be a formidable challenger of the existing market leaders in countries like Indonesia, Malaysia, Thailand, and the Philippines. Grab was founded in 2012 under the name MyTeksi and was built on an open platform GrabPlatform. Today, it offers multiple services like on-demand video, digital healthcare, hotel bookings, and insurance. It is currently present in eight countries in Southeast Asia.
Developing an ride-hailing app with multiple services is possible with a ready-made Uber clone solution. It comes with a pre-built business model and complete set of features to run a smooth ride-hailing app.
A bit about Grab
Grab Holdings Inc. was founded in Malaysia and is based out of Singapore today. It was launched under the brand-name “MyTeksi.” The company is all set to open its second headquarters in Jakarta. Grab has already ventured into food delivery, digital payments and parcel delivery. It has a major market share in the South East Asian countries like Singapore, Malaysia, the Philippines, Indonesia, Vietnam, Thailand, Cambodia, and Myanmar.
The Need for Multi-Service Ride-Hailing Apps
The success of services like Uber, Go-Jek, and Grab have demonstrated the market for ride-hailing. The need for transportation has never stopped and is only constantly evolving. This is also varying across a wide spectrum.
There might be a need for a single person to go from one place to another inside the city and for this purpose, a bike taxi might be more than enough. For the same distance and for almost a similar use command a person might also demand an elite mode of transport. Outside all of this, there is also a need for traveling between cities and also as large groups within cities.
All these aspects put the market for multi-service ride-hailing applications among the most lucrative business. Although the brand image of Uber and other similar local competitors might seem intimidating, there is always room for new players in the market. This would be the right time for you to launch your own multi-service ride-hailing application.
Such applications give the convenience of requesting multiple transportation services from a single application. For a business, it also contributes to widening the brand image – it is really easier to remain in the minds of the people when you offer multiple services.
The success of these apps has prompted the creation of a lot of clones of Uber, Go-Jek and Grab. Should you wish to launch your application, all you need to do is get in touch with these companies. They will gather your requirements, create and customize the app for you, so you are ready to hit the market in the quickest possible time.
It is not a thing of wonder that both grab and on-demand services have constantly been growing up. The funding will only give Grab its much-needed fillip to explore the world of super applications. The success of Grab is a resounding testimony to the possibilities of success in a market that might seem crowded on the surface. This is perhaps the right time for you to invest in a ride-hailing application.
Instead of investing your time in building the essential technology, you can also consider buying clones of Uber from app development company like Appdupe that are available in the market. These Uber clones save you a lot of time and money, so you do not have to reinvent the wheel.
Jennifer Atkinson is a Growth Hacker at Appdupe, a pioneer in app development is a one-stop solution for all your ride-hailing business needs. Also a blogger and a growth hacker who loves to find new business ideas and help startup entrepreneurs with business consultation.
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