It will be interesting to see how Grab make the economics work for Grab rides and food, considering South East Asia is a highly competitive market.
Grab Sees Slowing Growth As It Aims To Break Even By Second Half 2024
Grab Holdings said it’s aiming to breakeven by the second half of 2024 on an adjusted earnings basis before interest, taxes, depreciation and amortization, although the growth of its business is slowing.
Grab was established 10 years ago, but it’s never managed to turn a profit. Grab’s shares have lost more than 70% of their value since going public on Nasdaq through a merger with Altimeter Capital Management’s SPAC (special purpose acquisition company).
The Singapore-based company said its revenue would grow 45-55% in 2023 on a constant currency basis, which is slower than its forecast for the current year.
Grab has also recently launched a digital bank—called GSX Bank—in Singapore in partnership with Singtel, and has plans to launch two more banks in Indonesia and Malaysia next year. Grab said on Tuesday that it expects the bank to break even by 2026.Source: Forbes