Grab placed second in the list of the world's most innovative companies in 2019. The Singapore-based technology company that offers food delivery service, ride-hailing, ride-sharing, and other logistics services was the only Singaporean firm to make it to the list that was published by the American global business publication, Fast Company.
According to Malay Mail, Grab also ranks high in the transportation category. The list is being made every year to recognize companies that made a big impact on their culture and field of work.
Grab made it to the top because its services connect millions of customers to other businesses. Moreover, Fast Company ranked it second after describing it as a "transactional super app" that brings together different lifestyle services.
The result of this year's ranking may also be hinged on Grab's app expansion Last year in order to accommodate its million users' needs not just in rides but in food delivery and travel bookings too. The company's app has around 130 million users, effectively ousting Uber that offers the same kind of services. Grab took over the rival's operations in Singapore and went on to become one of the most in-demand services in the region.
It was reported that Grab hit $1 billion in profits in 2018 and gained over $3 billion funding for its expansion and Fast Company helped the company to achieve this. Now, with the recognition, the Malaysian founder of the ride-hailing firm, Tan Hooi Ling, said that they are humbled.
He further said that Grab will do its best and committed to developing the company more by focusing on the utilization of only the "best global technologies to solve the biggest everyday challenges for Southeast Asians."
At any rate, placing first in the world's most innovative companies this year is the Chinese tech firm called Meituan Dianping. Apart from delivery services, the said company is also offering bookings such as for hotel stays.
Commenting on how Meituan Dianping ranks no. 1, Fast Company said, "With its platform expediting booking and delivery of services such as food and hotel stays, the firm saw 27.7 billion transactions worth US$33.8 billion for more than 350 million people in 2,800 cities in the first half of last year."
Finally, Nikkei Asian Review reported that Grab will introduce an online health care service in partnership with Ping An across Southeast Asia. It is aiming to open it this year. In addition, the company will also offer online insurance for its users and drivers and this will be powered by China's ZhongAn group.
