“We’ve seen no impact on our rides and our business has continued to grow,” Cohen said at a Grab media event on Tuesday.
“It’s still early days obviously, but we’re very focused on what we’ve been doing all along, which is ensuring customer quality and safety and being relevant to our users. There are lots of competitors in each of our markets so we treat this no differently,” he added.
Singapore-based Grab claims to work with 8.5 million ‘micro-entrepreneurs’ across the region. Of these, 4 million are drivers and the rest are merchants and agents, including those part of Indonesian firm Kudo’s network. The company, which claims to have the region’s largest land transportation fleet, says it has completed over 2.5 billion rides since its founding in 2012. Grab declined to provide a breakdown for the number of drivers and rides per market.
Its ride-hailing rival Go-Jek has been revving up its overseas presence after Grab announced the acquisition of Uber’s Southeast Asia business in March this year. Apart from its Indonesian home base, Go-Jek is also present in Singapore, Vietnam and Thailand.
DEALSTREETASIA has previously reported that Go-Jek has racked up commitments of close to $2 billion in an ongoing funding round from investors including return backers Google, Tencent, JD.com and Meituan-Dianping. The proceeds will be critical to fuelling Go-Jek’s expansion efforts across the region. The Indonesian unicorn is said to be eyeing an entry into Malaysia, Myanmar and Cambodia in 2019.
Meanwhile Grab has secured about $2.9 billion in its ongoing Series H round from investors including Toyota, Hyundai, Yamaha, Microsoft, KASIKORNBANK, Booking Holdings, OppenheimerFunds and Ping An Capital. The round could likely top $3 billion.
The Singapore-headquartered unicorn also continues to grapple with antitrust concerns after the deal with Uber.
Earlier this week, Vietnamese authorities ruled the Grab-Uber transaction to be anti-competitive and of having breached two norms of its competition law. In the Philippines and Singapore, Grab has been fined $300,000 and $4.7 million respectively by local regulators for infringing on competition law.
In Malaysia, a final verdict on anti-competition regulation is expected to come out this month.