Grab Kicks Off 2024 with Strong Growth

Quoted recently in financial news portal, DealStreetAsia, Y&S COO Jeffrey Bahar credits Grab’s strategic initiatives for driving its strong performance in Q1 2024.

Southeast Asian superapp Grab Holdings Ltd recorded a remarkable 24% revenue increase in Q1 2024, reaching US$653 million. Driven by growing on-demand gross merchandise value and lower operating costs, the company’s operating loss improved by 54%, reducing to US$115 million. The company’s CEO has attributed this success to their product-led growth and emphasis on affordability and reliability, which have boosted user engagement and order frequency.  

Grab expanded its user base to a record 38 million monthly transacting users in the first three months of 2024, with an increased order frequency for on-demand services. The group’s adjusted EBITDA was US$62 million, a significant improvement from a US$67 million loss last year. The CFO credits stronger-than-expected mobility demand, optimized net cost of funds, and disciplined operating expenses, highlighting travelers as key spenders, doubling the amount spent by domestic users.  

Y&S Chief Operating Officer Jeffrey Bahar highlights Grab’s strategic initiatives—transit fees, surcharges, cancellation fees, and advertising fees—as drivers of its strong performance in mobility and deliveries. He anticipates companies such as Grab and Gojek will maintain their dominance in food deliveries and transportation while strengthening local B2B merchant partnerships and exploring new revenue models to counter competition from Anterraja and Lalamove.  

Jeffrey also noted Grab’s profit-turnaround efforts, including developing its map solution, reducing incentives for drivers and consumers, and cutting operational costs. He emphasized that Grab will continue prioritizing its on-demand business with key services in mobility, deliveries, financial services, and others, solidifying its position as the leading on-demand platform in the region. 

This synopsis combines 2 articles on DealStreetAsia:

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For media enquiries, please contact:

Marie Teo
Manager, Group Marketing Communications
YAMADA Consulting & Spire
Phone: +65 6221 7727
E-mail: [email protected] 

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