Grab Holdings reported a 5% increase in Gross Merchandise Volume (GMV) for the third quarter of 2023, reaching $5.341 billion compared to the same period last year. The business segments that contributed to this growth were ride-hailing and food delivery, which accounted for $4.015 billion, reflecting a 14% increase. The platform’s user base also grew to a total of 36.0 million accounts.
The GMV for the food delivery segment reached $2.608 billion, showing a 7% increase, while the ride-hailing segment saw a 30% growth, reaching $1.407 billion as travel restrictions eased and cities reopened. The financial services segment, on the other hand, experienced a 15% decrease, with a GMV of $1.275 billion. The new businesses segment contributed $50 million, showing a 4% increase, mostly driven by advertising revenue.
Grab’s revenue share increased by 61%, totaling $615 million. The company achieved positive EBITDA for the first time, with a profit of $29 million, reducing net losses to $99 million compared to the previous year’s loss of $342 million.
Anthony Tan, the CEO and co-founder of Grab, stated that apart from achieving positive EBITDA for the first time, Grab also reached its highest user count. Additionally, the revenue figures for driver-partners also saw significant growth, aligning with the company’s growth strategy and profit-making capabilities.
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TLDR: Grab Holdings reported a 5% increase in GMV for Q3 2023, reaching $5.341 billion, primarily driven by ride-hailing and food delivery segments. Grab achieved positive EBITDA for the first time, with a profit of $29 million and reduced net losses to $99 million. The CEO highlighted the company’s high user count and improved revenue for driver-partners.
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