fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Featured

Grab reports record Q2 revenue, trims losses

Team AsiaTechDaily by Team AsiaTechDaily
25 August 2022
in Featured
0
Grab
13
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

Southeast Asian superapp Grab said its revenue in the second quarter reached a record $321 million, up from 79% from a year earlier.

It also trimmed its loss to $572 million, a 29% improvement year-over-year, the company said during its earnings call Thursday.

“Our second quarter results showed that we can grow sustainably. We delivered strong revenue and GMV growth, while improving our unit economics and strengthening our category leadership position across key segments in the region,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.

“Our deliveries segment continued to grow, despite tougher year-on-year comparisons and as dine-out trends moderated food delivery demand. Looking ahead, we are laser focused on accelerating our path to profitability. We will get there by doubling down on product innovation that increases user engagement and reduces our cost-to-serve and focusing on growing high quality transactions on our platform,” Tan added.

Grab posted solid second quarter results, with strong topline growth and an improving adjusted EBITDA margin profile, underpinned by a rebound in its mobility segment and continued growth in deliveries.

Revenue rose 79% year-on-year (85% year-on-year on a constant currency basis) on the back of GMV growth, a 34 basis point improvement in total incentives as a percentage of GMV, and Jaya Grocer contributions.

Adjusted EBITDA margins as a percentage of GMV improved 90 basis points to (4.6)% compared to the same period a year ago and 136 basis points from the previous quarter, as it tapered incentive spending as a percentage of GMV.

Its mobility segment adjusted EBITDA margin also recovered to 12.1%, in line with Grab’s steady state margins of 12%.

GMV grew 30% year-on-year (34% year-on-year on a constant currency basis) on mobility segment recovery as countries reopened and international and domestic travel resumed.

“Looking ahead, we are focused on accelerating our path to profitability. We will focus on increasing high quality GMV transactions, optimizing our fixed cost base and reducing our incentive spend in order to drive sustainable growth, and an improved profitability profile for our segments,” Tan said.

Previous Post

Vietnamese startups Credify, Pre raise funding from Touchstone Partners

Next Post

Indonesia’s GoTo acquires local crypto exchange Kripto Maksima Koin for $8.4m

Related Posts

edit post
PhonePe
Featured

Indian fintech PhonePe raises $200m more from Walmart

March 21, 2023
edit post
Antler
Featured

Antler to invest in over 30 startups in Indonesia this year

March 21, 2023
edit post
WeBudding
Content & Games

Korean startup WeBudding partners exclusively with the most popular free app Goodnotes 5 to provide Korean digital stationery content to users globally

March 17, 2023
edit post
One Impression
Featured

One Impression raises $10m in Series A to expand product offerings

March 15, 2023
edit post
Bababos
Featured

Indonesian startup Bababos closes pre-seed funding led by East Ventures

March 15, 2023
edit post
Broom
Automobiles

Indonesian auto tech startup Broom raises $10m in Openspace-led funding

March 14, 2023
Next Post
edit post
Goto

Indonesia’s GoTo acquires local crypto exchange Kripto Maksima Koin for $8.4m

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback