Grab's Q1 revenue up 18% to $773m

Grab Holdings Limited reported an 18% increase in revenue year-over-year for the first quarter of 2025, totaling US$773 million.

The Singapore-based company attributed this growth to higher demand across all segments.

On-Demand gross merchandise value (GMV), which includes mobility and deliveries, rose 16% year-over-year to US$4.9 billion.

The company recorded a profit of US$10 million, an improvement of US$125 million compared to the same period last year.

Adjusted EBITDA reached a record US$106 million, up US$44 million year-over-year.

Grab emphasized its focus on cost discipline and operational improvements while navigating uncertainties in the global economic environment.

🔗 Source: Grab

🧠 Food for thought

1️⃣ Super app evolution drives Grab’s cross-service monetization

Grab’s transformation from a single-service transportation platform to a comprehensive super app has created powerful economic network effects across its ecosystem.

Grab’s data shows that users engaging with multiple services spend approximately four times more than those using a single service, significantly enhancing customer lifetime value and retention 1.

This cross-service integration strategy has helped Grab achieve thirteen consecutive quarters of Adjusted EBITDA expansion, culminating in its first quarterly profit of $10 million in Q1 2025 2.

The company’s advertising business exemplifies this successful monetization approach, with the percentage of advertising revenue relative to Deliveries GMV expanding to 1.7% in Q1 2025, up from 1.3% a year earlier, while attracting 191,000 monthly active advertisers—a 49% year-over-year increase.

Grab’s ability to convert its 44 million monthly users into multi-service customers represents a substantial growth opportunity, especially considering this represents only a fraction of Southeast Asia’s 620+ million population 3.

2️⃣ Financial services emerge as high-growth vertical in underbanked Southeast Asia

Grab’s financial services division is delivering outsized growth, with revenue jumping 36% in Q1 2025, outpacing the company’s overall revenue growth of 18% 4.