Tuesday 23 Apr 2024
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KUALA LUMPUR (June 6): Grab says its bookings in Southeast Asia have grown by an average of 360% every year to 2.3 million daily rides, from 11,000 when the ride-hailing service started in 2012.

The company, which turns five this month, has 45 million downloads in 55 cities in the region, making it a market leader in Southeast Asia, and the third largest ride-hailing platform in the world.

To date, it has a 95% market share of third party taxi-hailing cabs and 70% market share among private vehicles in Singapore, Thailand, Vietnam, Myanmar, Indonesia, the Philippines and Malaysia, said Grab in a statement.

It added that more than 930,000 of its drivers earn on average one-third more, and reduce travel time in half for passengers.

Grab co-founder and chief executive officer Anthony Tan said the company, which began with a mission to solve local problems and make lives in the region safer, more affordable and accessible, now focuses on congestion issues in megacities in Southeast Asia and people's financial exclusion

"Solving these very local problems can make a big impact and help millions of people benefit from the digital economy," he said.

Grab said its commuters, on average, reach their destination in less than half the time compared to public transport options with a 70% reduction in travel time in the Philippines, 64% in Indonesia, 53% in Malaysia, 51% in Vietnam, 37% in Singapore and 20% in Thailand.

Meanwhile, Grab driver-partners earn on average 32% more on a per hour basis compared to average worker wages across its markets.

"Driver-partner incomes have been strongest in Vietnam (55% more than average wages), Malaysia (48%) and the Philippines (35%).

"With 70% of Southeast Asians still lacking basic Internet access, the Grab app was also the first experience with the Internet for many driver-partners.

"Grab has assisted in opening bank accounts for more than two-thirds of its driver-partners (640,000 people) as a way to access the benefits and opportunities in the digital economy," it said.

The company added that more than 930,000 driver-partners now rely on the Grab platform for income.

"The number of drivers has grown 330% year-on-year since 2012. In Indonesia, year-on-year growth stands at a whopping 574%," it added.

Moving forward, Grab said it would continue to look for new problems to solve and re-define what ride-hailing means.

"Our deepening collaboration with governments and partners enables us to build and provide the services which change people's lives and the cities in which they live," Tan said.

Grab is also making driving experiences safer by expanding its telematics services both in scope and geography, which monitors speed and driving indicators such as hard braking, dangerous cornering and swerving.

Following this, the telematics can identify rides that exhibit dangerous driving behaviour and then present drivers with weekly reports to encourage safer driving behaviour.

Grab plans to roll out the service in the region after it receives the results of the telematics service in Singapore.



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