Grab aims to break even in group adjusted EBITDA by H2 2024

Southeast Asian ride-hailing and food delivery giant Grab announced it aims to break even on a group adjusted EBITDA basis by the second half of 2024.

Photo credit: Grab

The firm also expects that its focus on sustainable growth will lead to a robust increase in revenue – between 45% to 55% stronger year-on-year figures in 2023 – on a constant currency basis. Another of Grab’s expectations is for its digibank operations to break even by 2026.

“We believe there is a huge runway of growth ahead of us in serving this region, and we are well-positioned with our resources to capitalize on the vast opportunities,” said Grab co-founder and CEO Anthony Tan during the firm’s first Investor Day.

Moving forward, Grab will increase its driver-partner numbers – which currently stand at 77% of pre-pandemic levels – to meet the rising demand for mobility. The firm will also work on scaling tech that minimizes waiting times for drivers.

To strengthen its subscription plan, the firm will integrate more services from its network of partners onto its platform. This includes inking a partnership with Indonesian hypermarket chain PT Trans Retail to accelerate the expansion of on-demand grocery delivery in the country.

See also: Grab’s financial health in 9 charts

The recent second-quarter results of Nasdaq-listed Grab saw the firm’s shares drop 12% despite a 79% growth in revenue from a year prior and a net loss that had narrowed by 29%.