×

Meet the man beating Uber at its own game in Asia

Singapore-based ride hailing app Grab has the majority of market share in Southeast Asia and it is not slowing down, its co-founder and chief executive said.

The four-year old company is focused on being the "most efficient player out there" and has invested massively in analyzing the 5 terabytes of data that is collected from users and drivers daily, Anthony Tan, CEO at Grab, told CNBC at the Boao Forum in Hainan.

The Uber-rival, currently operates in 7 Southeast Asian countries and has six Research & Development centers across Asia. It announced early-March that it would be adding 800 news R&D jobs in the next two years, in a bid to improve the user experience.

"We've grown 100 percent on a quarter-on-quarter basis…and have raised over $800 million that we haven't even touched," Tan said, who added that there is no immediate need to raise more capital through a public listing.

Profitability is also not the main priority at the moment for Grab, he said.

"If we wanted to be profitable, we could be profitable tomorrow," Tan said, and explained that the company is focused on "building larger scale" and "delightful experiences" that keep users loyal to Grab.

The Harvard Business School graduate added that there are "opportunities for more mergers to take place" and that the company would soon announce some of the smaller acquisitions it has made.

Tan declined to comment on his competitors, but said Grab differentiates itself through its localized offerings.

"Our users and driver-partners are sticking with us, because they see how local, how relevant we've become," Tan said.