Grab, the mobility and financial services super app, grew revenue and narrowed its losses in the second quarter of 2023.
Revenue for the Singapore-based company hit $567 million, a 77% increase year over year, while its loss of $148 million for the quarter represented a 74% improvement year over year.
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Commenting on the results, co-founder and group chief executive Anthony Tan said: "More people are using Grab today than ever before, as we achieved our highest monthly transacting users to date. Looking ahead, we will focus on making our platform more valuable to our driver and merchant partners by providing them with tools and services to become more productive and engaged. Our aim is to continue fostering a flourishing ecosystem that enables them to thrive, while delivering sustainable growth for Grab.”
Mobility revenues increased 29% to $208 million with Grab attributing the increase to supply improvements and growth in domestic demand.
Grab is continuing to expand its carpooling mobility service and added Malaysia and Indonesia in the second quarter to the existing destinations Singapore and the Philippines.
The company has said it is on track to hit breakeven in adjusted EBITDA in Q3, beating its previous target of Q4.