Grabktaxi Case Study
a. Executive Summary
i. Background of Industry
There are 7 types of taxis in Peninsular Malaysia, with metered budgeted taxis being the most common. These taxis operate mainly in Klang Valley, Johor and Penang, with very few in other states such as Malacca and Terengganu. Apart of these taxis, there are non-metered taxis licensed as “hire car” and is found in every state. These hire cars are usually used for outstation trips and they operate from taxi and bus stations.
In 1998, premier taxis were introduced, followed by executive taxis in 2007 and the new Teksi 1Malaysia (TEKS1M) in 2013. The Land Public Transport Commission (SPAD) has recently replaced the premier taxis with TEKS1M permits and it will be issued upon the expiry of current …show more content…
Background of the Proposed Venture
MyTeksi also known as GrabTaxi, is a local based mobile technology company which has invented automated smartphone based booking and dispatch platform for the taxi industry across Southeast Asia, which is available in 6 countries, namely Malaysia, Singapore, Thailand, Vietnam, Indonesia and Philippines. The company's vision is to restructure the Southeast Asian taxi industry, making it a safer, more efficient and to provide a good user-cabbie experience for the entire Southeast Asian communities.
MyTeksi (GrabTaxi) was started in late 2011, a taxi-booking app service founded by Anthony Tan and Tan Hooi Ling, and both are Harvard Business School graduates. The idea first started when Anthony was a student at Harvard Business School and his classmate shared his thoughts on how hard it was to get a cab in Malaysia. Tan got his idea from there and drew up a business plan for an Uber alike service specifically targeting ASEAN community. Anthony shared the idea to the panel of the 2011 Harvard Business Plan Competition, which led them to a second place, making them the first all-Asian team to have succeeded in many years. Apart of that, his idea also won backing from investors, leading him to quit the family business in 2012 to start MyTeksi …show more content…
However, the company has shared a piece information on its funding and capital investments. The company has managed to raise US$90 million in 12 months within 2014 across its portfolio of investors. They are Tiger Global, GGV Capital (a prominent Chinese venture capital firm), Vertex Venture Holdings (a subsidiary of Singapore sovereign wealth fund Temasek Holdings), HillHouse Capital Management and Qunar (a Chinese travel firm). In 2015, MyTeksi (GrabTaxi) is experiencing a fast, accelerating growth rate as it has managed to pull another new investor on-board with undisclosed investment figure with a total investment of US$340
i. Background of Industry
There are 7 types of taxis in Peninsular Malaysia, with metered budgeted taxis being the most common. These taxis operate mainly in Klang Valley, Johor and Penang, with very few in other states such as Malacca and Terengganu. Apart of these taxis, there are non-metered taxis licensed as “hire car” and is found in every state. These hire cars are usually used for outstation trips and they operate from taxi and bus stations.
In 1998, premier taxis were introduced, followed by executive taxis in 2007 and the new Teksi 1Malaysia (TEKS1M) in 2013. The Land Public Transport Commission (SPAD) has recently replaced the premier taxis with TEKS1M permits and it will be issued upon the expiry of current …show more content…
Background of the Proposed Venture
MyTeksi also known as GrabTaxi, is a local based mobile technology company which has invented automated smartphone based booking and dispatch platform for the taxi industry across Southeast Asia, which is available in 6 countries, namely Malaysia, Singapore, Thailand, Vietnam, Indonesia and Philippines. The company's vision is to restructure the Southeast Asian taxi industry, making it a safer, more efficient and to provide a good user-cabbie experience for the entire Southeast Asian communities.
MyTeksi (GrabTaxi) was started in late 2011, a taxi-booking app service founded by Anthony Tan and Tan Hooi Ling, and both are Harvard Business School graduates. The idea first started when Anthony was a student at Harvard Business School and his classmate shared his thoughts on how hard it was to get a cab in Malaysia. Tan got his idea from there and drew up a business plan for an Uber alike service specifically targeting ASEAN community. Anthony shared the idea to the panel of the 2011 Harvard Business Plan Competition, which led them to a second place, making them the first all-Asian team to have succeeded in many years. Apart of that, his idea also won backing from investors, leading him to quit the family business in 2012 to start MyTeksi …show more content…
However, the company has shared a piece information on its funding and capital investments. The company has managed to raise US$90 million in 12 months within 2014 across its portfolio of investors. They are Tiger Global, GGV Capital (a prominent Chinese venture capital firm), Vertex Venture Holdings (a subsidiary of Singapore sovereign wealth fund Temasek Holdings), HillHouse Capital Management and Qunar (a Chinese travel firm). In 2015, MyTeksi (GrabTaxi) is experiencing a fast, accelerating growth rate as it has managed to pull another new investor on-board with undisclosed investment figure with a total investment of US$340