Singapore's Grab says revenue nearly back to pre-pandemic levels

Singapore’s Grab, which has evolved from a ride-hailing app operator to offer services such as food delivery and insurance, said on Thursday its third-quarter group revenue had risen to more than 95 per cent of pre-Covid-19 levels.

“Our business recovery continues steadily, with Q3 group revenues climbing to over 95 per cent of pre-Covid-19 levels,” Ming Maa, president of Grab, said in an emailed newsletter update on the company’s business.

Softbank-backed Grab, the region’s biggest start-up with a valuation of over US$14 billion (S$19 billion), in June laid off around 360 employees or almost 5 per cent of its headcount, after slashing discretionary spending.

Maa said Grab’s food business now generates more than 50 per cent of its revenue, reflecting increased demand for food delivery.

“Having laid this foundation, we will focus on expanding our financial services and merchant services business through the rest of the year and beyond,” he said.

Grab, which is yet to turn profitable, had received a US$200 million investment from South Korean private equity firm STIC Investments, Maa said.