IPO is not a strategic goal of Grab, it is just an option.
“Super Apps” Another co-founder of Grab, Tan Hooi Ling, has been very low-key.
At the 21st Nikkei Global Management Forum held last week, the reporter of 36Kr Japan, a subsidiary of the overseas business group 36Kr Global, finally “caught” Chen Huiling, personal background and The company’s future plans and other interviews were conducted.
The Nikkei Global Operators Conference is one of Asia’s most prestigious international business conferences, bringing together CEOs, chairpersons and commentators from leading companies around the world. Previous guests include former chairman of General Electric Jack Welch, former chairman of Google Eric Schmidt, founder of Dyson James Dyson, former CEO of Alibaba Group Ma Yun, and chairman of Hoshino Group, Hoshino Karu, and other well-known business leaders.
As a partner media of the Nikkei Global Operators Conference, 36Kr Japan also interviewed KPMG India CEO Arun M. Kumar, Asahi Kasei CEO Hideki Kobori and Nissin CEO Koki Ando.
Chen Huiling and Grab’s other co-founder, Anthony Tan, met at Harvard Business School’s Business at the Bottom of the Pyramid, an elective that describes how companies can help improve the living standards of low-income people in developing countries. class.
The two agreed that it is feasible to start a company that can sustain rapid growth and return to society. Driven by this entrepreneurial philosophy, Grab came into being seven years ago.
Today, Grab has become a “super app” in Southeast Asia, offering a range of services including taxi, takeaway, finance, and medical. All along, Chen Bingyao is a “spokesperson” of Grab, which frequently appears in public occasions such as investor presentations and media interviews. Compared with his “high-profile”, Chen Huiling is behind the scenes.
Interview excerpt:
Q: As a mechanical engineering student, why do you choose to jump to the business world?
A: When I was an undergraduate, I used to have an internship for a year because I felt that learning for learning was not practical. I hope to find my own points of interest to adjust the learning plan for the subsequent stages.
When I worked hard to be a good engineer, I gradually realized that the major decisions were in the hands of managers. Engineers don’t understand management, managers don’t understand technology, they don’t understandThe language of the other party is usually “chicken and duck talk”. In order to make the best decisions for the company and customers, we must listen to the voices of all parties. From that moment on, I decided to learn to speak business language. I need to understand the management’s ideas and the role of the manager. Fortunately, McKinsey offered me the opportunity to study further and everything started.
Q: After leaving McKinsey, you choose to join Salesforce, the US customer relationship management software service provider, instead of returning to Grab. Can you talk about the reasons behind this decision?
A: McKinsey sponsored me to go to Harvard Business School to study for an MBA at a price of two years. But the contract has not expired, I have already left. I was only working there for a year, so I owe a dollar of liquidated damages. In order to pay off my debt as soon as possible, I have to find a job with a good salary.
Another reason was that the company was well organized and working well under the care of Anthony and the entire team. So, although I have a strong will to go back, the company is not missing, I can’t.
Q: During your work at Salesforce, you also participate in Grab operations. Can you introduce what you were responsible for at Grab? How to manage personal time?
A: I don’t have any official titles. I am helping with enthusiasm, because Grab means nothing to me. At that time, I often had a conference call with Anthony and management team members at night and on weekends. I will return to Grab during my vacation. Once, I applied for a two-week vacation from Salesforce, so I had time to return to Grab. When I first arrived in Malaysia, I didn’t care about taking a break. I started the business trips of five Southeast Asian countries. That is definitely the hardest two weeks of the year.
Q: It sounds very hard. So in that time, what power is motivating you to do this?
A: It just feels interesting. I feel that it is fun to devote myself to the career I love. I don’t think entrepreneurs need any external driving force. When you start to do something that you really care about and believe, you are the driving force.
Q: What are the challenges that Grab faced in the early days?
A: Seven years ago, when Anthony and I started our business, it was a very difficult situation. At that time, many taxi drivers didn’t understand what smartphones were, so we did a lot of training and taught them how to use smartphones. They didn’t believe that Grab could attract passengers at first, and we spent a lot of time communicating with them to understand their difficulties. finallySincerity has brought trust and opportunity. Many of these drivers have increased orders through Grab, and they recommend the app to other drivers. Now, without the need for hard work, they will take the initiative to choose Grab.
Q: What challenges does Grab face in the regional market?
A: Southeast Asia is a complex market with significant differences and serious breakdowns. There is no one-size-fits-all solution. If you want to gain a foothold here, you need to adopt a “super localization” strategy, but it is difficult to find a balance between “super localization” and the application of global technology. Our solution is to create a “super app” that tailors the right service for each market segment.
The second challenge is talent. Unlike Beijing or Shanghai, there is no technological ecosystem built by countless technical professionals in Southeast Asia. As a Southeast Asian technology company, Grab has trained the first generation of technology leaders here. We are honored to be able to attract those technical talents who have gone out to return to China. These people have the ability and achievements, but because the previous Southeast Asian market lacks challenging and good job opportunities, they often choose to go far and go to the technological centers such as Silicon Valley. Grab now offers job opportunities that match their background and expertise to attract these talents home. They are culturally more convergent and easier to integrate into Grab.
We also have a number of R&D centers around the world. For example, we have built a research and development center in Beijing, hoping to attract professionals from there to promote Grab’s development with their unique innovative ideas and creativity.
Q: According to Grab’s acquisition agreement for Uber’s Southeast Asia business, Grab will be available in March 2023. What is Grab’s plan for this?
[Note: In Grab’s acquisition of Uber’s Southeast Asia business, Grab preferred stock “includes a redemption right under [Uber] under certain conditions, including where Grab does not have an IPO Grab may withdraw all or part of the investment in Grab at any time after the redemption date (ie March 25, 2023). According to the Nikkei, Grab needs to spend 2 billion once Uber decides to exercise the redemption right. The huge amount of cash. 】
A: An initial public offering (IPO) is not our strategic goal, it’s just one of our options, and we didn’t start a company for an IPO. Our cash flow is normal, so we are not in a hurry to go public.
Q: What is the next step for Grab in Southeast Asia?
A: Southeast Asia is a market full of opportunities. With the help of science and technologyWe can discover endless potential and opportunities to create a beautiful new world like never before. However, there are still many problems waiting to be solved here. We have already met some of the needs of taxis, takeaways, finance, medical care, etc. through Grab. We also believe that Grab will continue to solve more problems in the region through technology.
