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.