Grab Holdings has reported its financial performance for the second quarter of 2023, with a 77% increase in total revenue compared to the same period last year, reaching $567 million.
The company also managed to reduce its losses to $148 million, a significant improvement from the $572 million loss in the previous year. According to Anthony Tan, the CEO and co-founder of Grab, this impressive growth in Gross Merchandise Value (GMV) is a result of the success of GrabUnlimited and the record-breaking number of monthly transactions. Similarly, CFO Peter Oey expressed optimism that EBITDA would be positive in the third quarter, surpassing initial expectations for the fourth quarter.
The GMV for Grab’s delivery business increased by 4% to $2,573 million, generating $292 million in revenue, a 118% increase driven by the popularity of GrabUnlimited, which saw a 43% growth in user applications, accounting for one-third of all delivery service users. Additionally, the ride-hailing business experienced a 28% GMV growth to $1,320 million, resulting in $208 million in revenue, a 29% increase.
The financial services sector contributed $40 million, while the newly established business group generated $27 million, mostly from advertising revenue.