Super-app Grab is moving in the right direction. Cities in Southeast Asia are bustling once more, and that’s boosting growth at the Singapore-based ride-hailing business. After splurging on incentives during the pandemic lockdowns to retain drivers, adjusted EBITDA at the unit - which accounted for half of revenue in the June quarter - are back up at the company’s long-term target of 12% of gross merchandise value.
GrabWheels helmets are pictured in Singapore August 22, 2019. Picture taken August 22, 2019. REUTERS/Edgar SuBANGALORE, Aug 26 - Super-app Grab is moving in the right direction. Cities in Southeast Asia are bustling once more, and that’s boosting growth at the Singapore-based ride-hailing business.
While the deliveries business will not grow as quickly as before as people return to restaurants, Grab’s new focus on higher-spending customers means it expects to break even in the second quarter next year, six months earlier than previously estimated. The company is slashing incentives and has shuttered some “dark stores” that helped it move groceries on demand. Overall, the SoftBank-backedInvestors are laser-focused on the widening losses, however.
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