Grab’s group revenues return to over 100% of pre-Covid numbers, president says

Southeast Asian super app Grab said that its group revenues have returned to over 100% of pre-Covid levels.

Photo credit: Grab

Grab president Ming Maa said in a newsletter on January 4 that its total group net revenues jumped by about 70% in 2020 compared to the year prior. The company also cut its monthly EBITDA expenditure by about 80% over the last 12 months, the executive said.

The Singapore-based unicorn claims to have also reached segment breakeven for ride-hailing in all of operating markets, including Indonesia.

Grab said that it nearly tripled its year-on-year net revenues for food delivery in the third quarter of last year, but did not provide any further details. It expects its food delivery business to breakeven by the end of 2021, after recording positive EBITDA in several countries in Q2 2020.

Meanwhile, the Monetary Authority of Singapore has also granted a new digital full bank license to Grab, which aims to serve small and medium-sized enterprises in the city-state.

A key focus for Grab in 2020 was to bring SMEs online, Maa noted. These include informal economies like hawkers, street stalls, mom and pop shops, and farmers. “In the new year, we want to keep focusing on this by creating a ripple effect that benefits not just the businesses that get on our platform, but the entire value chain that supports them,” he said in the newsletter.

The latest announcement comes as Grab continues its rumored merger talks with its Indonesian rival Gojek continues.