Riding high
- 500-backed superapp Grab reported a strong quarter with revenue for all three business segments — deliveries, ride-hailing, and finance — posting double digit year-on-year growth.
- For the three months ending September 30, the total revenue recorded was US$716M, up 17% from the same period the year before.
- The team expects to ride on this momentum into the final three months of 2024. The driver? Strong travel demand, especially in Thailand: “We’re really blessed to see the strengthening of inbound tourism that’s supporting our growth,” shared Co-founder & CEO Anthony Tan.
- Grab serves over 700 cities across 8 countries in Southeast Asia and now projects up to US$2.78B in revenue for the year, raising their profit outlook to between US$308M and US$313M on an adjusted EBITDA.
- President & COO Alex Hungate highlighted that they are more calculated with how they use incentives, and moving forward, AI developments could help the team further optimize their incentives.
- “We will use incentives from time to time to generate momentum behind new ways of interacting with the app,” he added.
- Read the full story here.
