Supercharging services
- 2023 was a pivotal year for 500-backed superapp Grab. The team’s Q4 2023 revenue grew 30% year-over-year to $653 million, Q4 2023 profit was $11 million, and they generated over $11B in earnings for their partners!
- “We will continue to execute towards sustainable and profitable growth in 2024, as we deepen engagement with our users through affordable and high value offerings, grow our Financial Services business, while continuing to outserve our driver- and merchant-partners,” shared Anthony Tan, Co-founder & Group Chief Executive Officer.
- Here are some highlights from the team’s announcement:
- Saver deliveries have made deliveries more affordable, with this option accounting for 23% of Deliveries. Saver users also order 1.6x more than those who have never used this service.
- By improving driver supply and efficiency, the Mobility vertical has grown, enabling the team to capture the increase in tourism ride-hailing demand.
- Strong YoY growth in Financial Services is attributed to improved monetization of their payments business and higher contributions from their lending business, with loans disbursed to their ecosystem partners continuing to grow. The company also launched the first digital bank in Malaysia, and 100,000+ depositors opened an account within 2 weeks.
- In Q4, the total number of monthly active advertisers who joined Grab’s self-serve platform increased 54% YoY with their average spend increasing 129% YoY.
- Read the full report here.
