How this SG car rental firm leveraged Grab to rev up profits

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} My wife and I recently moved to the city, moving almost everything from our old apartment in our quiet university town. One thing we didn't bring was our car, which we opted to keep in my hometown. We won't need it all the time anyway, and we can save on parking fees. A seemingly infinite number of cars are available (but not during rush hours) for hire here through platforms like Grab. While some Grab drivers use their own vehicles, a lot of them rent out the cars they drive. Companies like Lumens prove that leasing out cars to Grab drivers can be a profitable endeavor. The Singapore-based business started small, having just four cars to its name. That number has since grown to over 3,000, riding on the coattails of the ride-hailing sector's success in the city-state. This growth also sprouted into other businesses for Lumens. For example, the company expanded to offer concierge services through the Lylo brand. However, Grab is also in this private-hire vehicle leasing race - and it's not letting off the gas pedal. Last year, the company announced its acquisition of Trans-Cab, which not only gave it access to more than 2,200 taxis, but 300 private-hire vehicles as well. As competition seems to be heating up, be sure to check back for more updates. -- [Miguel Cordon]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [SG car rental firm surfs ride-hailing wave to FY 2022 profits]( Lumens founders Ryan Tan and Kuanyu Tan bootstrapped the company in 2014 with a fleet of just four cars, which has grown to over 3,000 so far. 2. [Did Tokopedia waste its potential?]( In late 2018, Tokopedia was Indonesia’s startup darling. Last December, it was bought at a fraction of its former valuation. What happened? 3. [Mapping the players in Southeast Asia’s expanding ecommerce basket]( Despite the economic slowdown, opportunities for growth abound in the region, particularly in Thailand, Vietnam, and the Philippines. 4. [Why eSIMs could be the next startup goldmine]( To tap into the eSIM market's billion-dollar potential, will Southeast Asian eSIM startups need to partner with or disrupt telcos? 5. [Reddit’s IPO signals beginning of the end of tech winter, but listing game has changed]( The social media firm went public with a bang and has seen its price soar, but analysts are divided on whether it signals a wider revival of IPO markets. 6. [How a Singaporean ex-teacher landed top Web3 job from UAE royalty]( Three years ago, Derek Lim left a teaching job to pursue a career in crypto. He will soon head a studio ushering Dubai’s global Web3 ambitions. 7. [Shein’s 2022 sales grow 4x ahead of IPO to close in on Zara]( The ultra-fast fashion firm carried this momentum into 2023, acquiring Forever 21 and Missguided to capture further growth. 8. [Brazil offers road map for SEA fintech to escape credit crunch]( Replicating a special financial instrument in Brazil and encouraging a proactive regulator could help Southeast Asia’s fintech sector hit new heights. 9. [Weekly funding: Zepto parent firm bags biggest round]( Keep track of all the startup investment activities in Asia through our weekly funding list. 10. [SEA’s tech titans face revenue ceiling despite steady growth]( The region’s ecommerce and food delivery players are focusing on profitability, but lower consumer spending and stalled take rates could get in the way. --------------------------------------------------------------- KL CONFERENCE EXCLUSIVE: OFFICIAL AFTER PARTY ON JULY 25 Wrap up your KL conference experience the right way! 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