In 2012, Grab Holdings Inc. A few years after the launch, Anthony Tan took advice from Jack’s mother. The co-founder of Alibaba Group Holding Limited called the entrepreneur a life tsunami. When you get up from the waves, be prepared for a crash, he said.
In 2020, it all happened. The coronavirus sent cities across Southeast Asia into lockdown. The demand for ride-hauling, a core business, has sunk. Then in December, its big plan to merge with the arch rival Gojek collapsed.
Tan was not ready to go public. Earlier this year, a connection introduced him to Silicon Valley investor Brad Garsner, founder of Ultimate Capital Management. The two had a lot in common, though, from the opposite side of the world. Both are Harvard Business School alumni and both set out on a much easier way of life to set up their own farms.
In about three months, the pair announced the world’s largest ESPAC deal, which will see a ্যাব 40 billion grab list in the United States.
“A year ago, the world looked like it was about to end,” said Tan, 39. “As an entrepreneur, you go through these crazy lows and crazy heights.”
In an interview about Zoom, Tan recalls that after the initial acquaintance, Garsner called some general friends to find him. Among them are Reel Burton, Yellow Group Inc. Its leading entrepreneurs, and Uber Technologies Inc. Its chief executive officer was Dara Khosrosahi, a member of the Grab Board. The tension has passed.
Grab-Altimer’s special-purpose attachment technology emphasizes the importance that attachment technology placed on top connections in the world, and how graduates from universities like Harvard still help open the door.
Garsner has also invested in Kumpang Inn, the Korean e-commerce giant founded by Bam Kim, who attended Harvard Business School at the same time as Tan before leaving Kim. GRAB rival Gojek was founded by Nanim Makarim, a classmate at Harvard Business School in Tan who is now Indonesia’s education minister.
49 billion Garsner says, “So many millions of people were made out of this class.”
The three companies have a combined valuation of about বিল 130 billion, including about $ 80 billion in Kupang since the initial public offering in March.
“The world is shrinking,” Garsner says. “There’s a lot of exciting leadership today in regions like Southeast Asia.”
Born into a wealthy Malaysian business family, Tan was inspired to start Grab at Harvard Business School from 2009 to 2011. He left the family business of Tan Chong Motor Holdings VDA and started taxi-healing services. Mitexi with his Harvard classmate Tan Hui Ling. Grab will later expand into businesses including food distribution and online payments as it becomes a so-called super-app in Southeast Asia.
Garsner was at Harvard almost a decade ago, from 1999 to 2000. He grew up in a small town in Indiana, admiring American investor Warren Buffett. He began his career as an IPO handling securities lawyer. After earning an MBA from Harvard, he joined Venture Capital Firm General Catalyst and later founded and sold three companies.
Departing in the depths of the global financial crisis in 2006, he founded Altimer Capital with just over a million dollars raised from friends and family. Today, the company, which invests in public and private technology companies, manages 15 billion. He has supported technicians including Expedia Group Inc., Uber and software company Snowflake Inc.
The tension of the World Economic Forum has always emphasized the importance of business partnerships. According to those who know him, he spends most of his time networking. On the eve of the merger announcement, Tan said he was having dinner with a merchant partner.
While in Indonesia, Tan left his signature black T-shirt and wore a traditional themed batik shirt. He addressed the conference guests in Indonesian. In 2012, when he went to Tokyo to attend the Softbank Group Corporate Conference, the son of Masayoshi, the founder of Softbank, bowed his head deeply after his early enthusiastic supporters introduced him as a new superstar in the AI era.
Softbank had invested nearly a billion dollars in Grab, but relations with the son cooled down after the Japanese company pressured Grab to merge with Gazek, sources close to the matter said.
Tan said her relationship with the boy is still close. During the Zoom interview, he pulled out his phone and read aloud a text that he said he had received from the son about the attachment. “Anthony, thank you so much for the update. I’m really glad to hear the IPO is going well,” Tan said.
Garsner, meanwhile, says Grab was fascinated by the epidemic – and by his own decision, with his own wings folded.
“Suppose in the end chose an independent path,” he said. “It’s simply one of the largest Internet companies to make the largest IPO of the year.”