Grab’s Anthony Tan on his unforgettable meeting with Masayoshi Son, brotherhood with Didi

Anthony Tan speaks with Patrick Grove about his Grab journey and his most cherished relationships at the 2017 Wild Digital conference in Kuala Lumpur. Photo credit: Catcha Group.

Never did Grab co-founder Anthony Tan imagine he would sit in the exact same chair as Jack Ma did years before him, talking to Masayoshi Son about funding in the SoftBank boss’ Tokyo home. But there he was in 2014 having the most unusual of investor meetings.

“We’re at the top floor of his building, with all of Tokyo under us. I look at him, this very distinguished gentleman. There’s a Samurai costume, there’s a golf club, and there’s a baseball bat. Then he goes, ‘I love the business. 14 years ago, Jack Ma sat in that seat,’” Tan narrated in a fireside chat with Catcha Group CEO Patrick Grove at the 2017 Wild Digital conference.

He said the Japanese billionaire went straight to the point, telling him, “If you take my money, good for me, good for you. If you don’t take my money, not so good for you,” drawing laughs from the audience.

I love the business. 14 years ago, Jack Ma sat in that seat.

What made that first meeting unforgettable was that no term sheet was signed to seal the deal. Tan recalled Son saying, “I don’t need to look at the agreement, let’s just shake hands.”

That handshake was as good as any legal document and more. SoftBank pumped US$250 million into Grab and would come back for a future round as well.

Of all the things Tan’s learned from Japan’s richest man, it’s being honorable that stands out the most.

“The ability to say you’re credible, the ability to say you’re honorable. You want to honor this relationship throughout and that’s paid off because he’s (Son) been in the rounds every time. Yes, you can think about full stops, you can think about every sentence, you can think about covering your ass all the time, but frankly it’s that handshake and him looking you in the eye and saying I’ll hold you to it [that counts].”

Masayoshi Son at SoftBank World 2016. Photo credit: @SoftBank.

It’s all about your relationships

Tan has pitched to a lot of investors and he estimates up to 80 percent of those “have converted into our shareholders today.”

“There will be a lot of times when maybe at series A, they’re not ready but they come in at C; maybe they’re not ready at C, but they come in much later.” What a founder needs to think about is – “how will I make sure that I develop real relationships?”

Tan says the relationships he’s treasured over the years have helped him take his ride-hailing company to where it is today.

For keeps