An adjusted EBITDA target is not the same as a self-funding business. Grab said it aimed to break even on that measure in the second half of 2024. Forbes reported the target. That wasn’t a promise of positive net income, and the distinction matters for a company selling rides, food delivery, and financial services.
I wanted Grab to show which business would fund the rest. Discounts could buy more orders, but they could also hide a weak delivery margin. Banking might add another revenue stream, but it would take capital and time. My test was whether ride and delivery contribution improved as promotions came down, without treating adjusted EBITDA as the finish line.