Grab Holdings Limited is a leading Southeast Asian technology group headquartered in Singapore. The company operates a regional “superapp” ecosystem that integrates mobility, deliveries, financial services, and enterprise solutions across more than 800 cities in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Company Overview
Its mission centers on driving economic empowerment through technology by connecting consumers, driver-partners, merchant-partners, and small enterprises via a single digital platform. Grab’s diverse business portfolio now spans ride-hailing, food and grocery delivery, logistics, digital payments, and digital banking, positioning it as one of the region’s largest and most influential consumer technology ecosystems.
Founded on a vision of using technology for inclusive growth, Grab’s ecosystem creates value for millions of users by enabling convenient access to essential daily services—mobility, meals, financial inclusion, and enterprise connectivity.
Corporate Profile and Legal Information
Grab Holdings Limited is incorporated in the Cayman Islands and maintains its principal executive offices at 3 Media Close, #01-03/06, Singapore 138498. The company’s Class A ordinary shares trade on The Nasdaq Stock Market under the ticker GRAB, and its warrants trade under GRABW.
As of December 31, 2024, the company had:
- 3,950,498,976 Class A ordinary shares
- 119,798,676 Class B ordinary shares
- 25,999,981 warrants outstanding
Grab reports its financial statements under International Financial Reporting Standards (IFRS) as issued by the IASB and is classified as a large accelerated filer under U.S. SEC rules.
History and Evolution
Grab’s journey began in 2012 when founders Anthony Tan and Tan Hooi Ling launched a ride-hailing service in Malaysia, originally branded MyTeksi. The company relocated its headquarters to Singapore to expand regionally and rebranded as Grab.
Over the following decade, Grab transformed from a pure mobility start-up into a diversified superapp ecosystem, adding:
- GrabCar and GrabBike – Private-hire car and motorcycle booking
- GrabFood and GrabMart – On-demand food and grocery delivery
- GrabExpress – Logistics and parcel delivery
- GrabPay and OVO – Digital wallet and payments
- GrabRentals – Vehicle leasing solutions for driver-partners
- GrabFin and GXS Bank – Digital financial services and banking
A major milestone came in December 2021, when Grab completed its business combination with Altimeter Growth Corp., making it a publicly listed company on NASDAQ. This transaction marked the largest ever SPAC merger in Southeast Asia, providing substantial capital for continued investment in technology, AI, and financial innovation.
Mission and Strategic Vision
Grab’s strategic vision is to be the everyday superapp for Southeast Asia, empowering communities by driving digital inclusion and sustainable economic mobility. Its mission focuses on:
- Empowering Micro-Entrepreneurs and Partners – Providing tools, data insights, and digital platforms for driver-partners and merchant-partners to thrive.
- Expanding Financial Inclusion – Delivering accessible digital banking, payments, and credit services to the region’s underserved populations.
- Building a Safe, Sustainable and Inclusive Digital Ecosystem – Maintaining trust through safety standards, data security, and community initiatives.
- Innovating through Technology and AI – Leveraging artificial intelligence and machine learning to enhance user experience and operational efficiency.
Business Model and Ecosystem
Grab’s business model connects a multi-sided ecosystem of consumers and partners:
- Consumers use the superapp to book rides, order food and groceries, make digital payments, and access financial products.
- Driver-partners earn income by providing mobility and delivery services.
- Merchant-partners benefit from digital ordering, marketing, and payment infrastructure.
- Enterprises and brands use GrabAds and GrabMerchant to reach customers and manage operations.
Revenue derives mainly from commissions and fees charged to driver- and merchant-partners for transactions, as well as service fees from financial products, advertising, and rentals.
Grab operates under four primary business segments:
- Deliveries
- Mobility
- Financial Services
- Enterprise and Others
Each segment is supported by shared infrastructure, AI-driven data analytics, and regional corporate functions.
Segment Analysis
1. Deliveries
The Deliveries segment represents one of Grab’s core growth drivers, providing on-demand food, grocery, and parcel delivery solutions through its superapp. Key brands include:
- GrabFood – Prepared-meal delivery platform for consumers and restaurants.
- GrabMart and GrabSupermarket – On-demand grocery and convenience retail.
- GrabExpress – Same-day and instant parcel delivery services.
- Jaya Grocer – A mass-premium supermarket chain in Malaysia in which Grab holds a majority interest.
Deliveries rely on millions of registered driver-partners who handle food and parcel orders using Grab’s mobile apps. Revenue is earned from commissions, delivery fees, and merchant subscriptions through GrabMerchant.
Strategic Highlights
- Continued expansion of GrabMart and GrabSupermarket across urban Southeast Asia.
- Focus on unit economics improvement through optimized routing and AI-based logistics.
- Integration with GrabUnlimited subscription program to increase order frequency.
- Growing advertising revenues through GrabAds targeting merchant promotion.
Grab’s Deliveries segment also provides “GrabKitchen,” a cloud-kitchen network offering cost-efficient facilities to partner restaurants, reducing delivery distances and enhancing food quality and speed.
2. Mobility
The Mobility segment comprises ride-hailing and transport solutions offered under brands such as:
- GrabCar – Private hire car service covering premium and specialized variants (GrabCar Premium, GrabAssist, GrabFamily, GrabExec).
- GrabBike – Two-wheel ride-hailing for quick urban commutes.
- JustGrab – Upfront-priced car and taxi booking service.
- GrabHitch – Carpooling option for casual drivers.
Mobility services connect passengers to driver-partners through Grab’s AI-powered matching engine. The segment benefits from the company’s fleet and rental offering via GrabRentals, which facilitates vehicle leasing for driver-partners at competitive rates.
Performance Drivers
- Gradual post-pandemic recovery of urban travel across Southeast Asia.
- Expansion of GrabShare and GrabAssist for inclusive mobility solutions.
- Improved operating efficiency through fleet optimization and cost discipline.
- Ongoing integration of EV and sustainability initiatives in collaboration with regional governments.
Grab faces competition from Gojek, Bolt, Ryde, Maxim, InDrive, and traditional taxi operators, but its scale, brand equity, and user trust provide a distinct edge.
3. Financial Services
Grab’s Financial Services segment is anchored by its subsidiary GFG (AA Holdings Inc.) and its joint-venture digital bank GXS Bank Pte Ltd in Singapore and GXBank Berhad in Malaysia.
Key offerings include:
- GrabPay and OVO – Digital wallets enabling online and offline payments.
- PayLater and GrabFin – Buy-now-pay-later and credit services for consumers and SMEs.
- Digital Lending and Receivables Factoring – Financial solutions for merchant- and driver-partners.
- Insurance and Wealth Products – Micro-insurance and investment services distributed via the superapp.
Grab is deepening financial inclusion in Southeast Asia, where a large portion of the population remains under-banked. By leveraging its data ecosystem and partner network, Grab delivers tailored credit risk assessment and instant approval processes.
In 2024, Grab continued the foundational phase of GXBank Malaysia, which commenced operations in November 2023, and expanded restricted digital banking activities through GXS Bank Singapore, launched in September 2022.
4. Enterprise and Others
The Enterprise and Others segment encompasses GrabAds, GrabMaps, and other B2B services.
- GrabAds provides brands and merchants targeted marketing solutions within the superapp.
- GrabMaps serves as Grab’s proprietary mapping and geospatial platform, reducing third-party dependency and enhancing operational control.
- Enterprise solutions include mobility and delivery services for corporate clients and government projects.
This segment also houses the GrabForGood Fund, the company’s community endowment to empower Southeast Asian communities through education, digital upskilling, and social impact programs.
Market Presence and Competitive Landscape
Grab Holdings Limited operates one of the most extensive digital ecosystems across Southeast Asia, serving consumers, driver-partners, and merchant-partners across eight countries — Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Cambodia, and Myanmar. The company’s operations extend to more than 800 cities, making it a truly regional platform with a deep local presence.
Grab’s competitive edge lies in its superapp ecosystem, which integrates mobility, deliveries, and financial services within a single app, reducing friction between services and strengthening customer loyalty. This integrated model allows the company to cross-sell offerings, increase engagement frequency, and enhance user stickiness.
Competitive Position
Grab faces competition from both regional and local technology companies:
- Deliveries: Key competitors include Foodpanda, ShopeeFood, Deliveroo (Singapore), Line Man Wongnai (Thailand), and Gojek in Indonesia.
- Mobility: Competes with Gojek, Be Group, Maxim, Ryde, Bolt, Robinhood, and traditional taxi networks.
- Financial Services: Competes with digital wallets and fintechs such as Dana, GoPay, ShopeePay, and Touch ’n Go, as well as traditional banks entering the digital space.
Despite intense competition, Grab maintains one of the largest consumer bases in the region due to its strong brand equity, broad service offerings, and trusted platform reputation. Its partnership ecosystem — ranging from global consumer brands to small local merchants — further reinforces its leading position.
Financial Performance Overview
Revenue and Profitability
Grab’s focus during 2024 was on improving profitability through cost discipline, incentive optimization, and revenue diversification. The company reported steady growth across its key segments, supported by increased demand in both deliveries and mobility as regional economies normalized.
Grab recorded net losses of approximately $0.2 billion in 2024, compared to $0.5 billion in 2023 and $1.7 billion in 2022 — reflecting a significant year-over-year improvement and a strong trajectory toward sustainable profitability.
This improvement resulted from:
- Operational efficiency gains.
- Incentive rationalization, with total incentives at 10% of On-Demand GMV (down from 13.3% in 2022).
- Improved segment contribution margins in deliveries and mobility.
Grab’s assets exceeded liabilities by $6.4 billion as of December 31, 2024, and it maintained a liquidity base of $5.4 billion in deposits, debt investments, and cash equivalents.
Revenue Composition and Segment Contribution
- Deliveries – Continues to be the largest contributor, driven by GrabFood, GrabMart, and GrabExpress. Focus areas include strengthening merchant partnerships and improving fulfillment efficiency.
- Mobility – Witnessed strong recovery in 2024 with increased ride demand and improved pricing structure.
- Financial Services – Expanded user adoption of GrabPay, OVO, and PayLater products, supported by growth in digital banking operations.
- Enterprise and Others – Increased revenue from GrabAds, GrabMaps, and corporate transport solutions.
The company’s Adjusted EBITDA — a key non-IFRS measure — improved significantly as operating leverage expanded across the business.
Grab uses Adjusted EBITDA to measure core operating performance, excluding non-cash charges, financing effects, and one-time items.
Cost Structure and Incentive Optimization
Grab’s business relies on incentives to stimulate both supply (driver- and merchant-partners) and demand (consumers). Over the past three years, management has strategically reduced these costs while maintaining platform growth.
| Year | Total Incentives | As % of On-Demand GMV |
|---|---|---|
| 2022 | $2.0 billion | 13.3% |
| 2023 | $1.6 billion | 9.9% |
| 2024 | $1.8 billion | 10.0% |
Partner incentives decreased from $0.8 billion in 2022 to $0.7 billion in 2023, before rising slightly in 2024 to support growth. Consumer incentives followed a similar trend, declining to $0.9 billion in 2023 and $1.1 billion in 2024.
Grab’s management expects incentives as a percentage of GMV to gradually decline as brand loyalty and natural usage frequency increase across the ecosystem.
Key Operational Metrics
Grab tracks several core non-financial metrics to monitor growth and user engagement:
1. Gross Merchandise Value (GMV)
GMV represents the total dollar value of transactions across Grab’s products and services (including taxes, tips, surcharges, and fees). It is the primary indicator of transaction volume and marketplace activity.
Grab distinguishes between:
- Mobility GMV – All transportation-related transactions.
- Deliveries GMV – All food, grocery, and parcel deliveries.
- On-Demand GMV – Combined total of mobility and deliveries.
The company’s GMV growth reflects increasing cross-segment adoption and higher order frequency from its superapp ecosystem.
2. Monthly Transacting Users (MTUs)
MTUs represent unique users who completed a transaction within the app during a month. Grab reported:
- 41.3 million MTUs in 2024,
- Up from 35.5 million in 2023 and 32.7 million in 2022.
This demonstrates consistent user growth and strong retention, underscoring the app’s role as an essential digital utility for daily life in Southeast Asia.
3. Partner Ecosystem
Grab’s network of driver- and merchant-partners is among the largest in the region. The company continuously invests in partner enablement programs, vehicle leasing through GrabRentals, financial inclusion, and merchant education under its GrabMerchant platform.
These initiatives strengthen ecosystem resilience, reduce partner turnover, and ensure reliable supply-side performance for both deliveries and mobility.
4. Adjusted Free Cash Flow
Grab defines Adjusted Free Cash Flow as net cash flows from operating activities minus capital expenditures, excluding working capital changes related to loans, advances, and deposits in its digital banking business.
This measure improved notably in 2024 as a result of enhanced profitability, reduced incentive spending, and disciplined capital allocation.
Liquidity, Capital, and Debt Management
Grab has consistently maintained a strong liquidity position. The company’s cash, deposits, and investments totaled $5.4 billion as of December 31, 2024. In addition, it fully repaid its $2 billion Term Loan B Facility in March 2024, significantly strengthening its balance sheet and reducing future interest expenses.
The company continues to explore capital-efficient financing strategies, prioritizing sustainable long-term value creation. Its management asserts that the company’s liquidity base and asset surplus provide sufficient resources to fund ongoing operations and growth initiatives.
Operational Efficiency and Cost Discipline
In 2024, Grab accelerated operational optimization initiatives focused on:
- Streamlining regional corporate costs.
- Enhancing automation through AI-driven processes.
- Improving cloud and infrastructure efficiency.
- Rationalizing overlapping technology expenses.
These measures, combined with incentive reductions, were key contributors to the company’s improvement in Adjusted EBITDA and narrowing net losses.
Corporate Structure and Shareholding
Grab Holdings Limited maintains a dual-class share structure:
- Class A Ordinary Shares – One vote per share.
- Class B Ordinary Shares – High-vote shares held primarily by key executives and founders to preserve long-term strategic direction.
This structure ensures stability and continuity in leadership vision, particularly under the stewardship of Co-Founder and CEO Anthony Tan.
As of December 31, 2024, Grab’s share capital comprised approximately 4.07 billion total ordinary shares, underscoring its scale as a major public technology company listed on NASDAQ.
Technology, Data and Innovation
Grab’s growth is powered by its continuous investment in AI, machine learning, and data analytics. The company’s proprietary systems optimize demand forecasting, driver matching, dynamic pricing, and fraud detection.
Key technology highlights include:
- GrabMaps – Grab’s in-house mapping technology, replacing reliance on external providers and offering advanced geo-spatial accuracy.
- GrabFin’s risk modeling systems – AI-driven credit scoring enabling responsible digital lending.
- Automation and Infrastructure Scaling – Investments in cloud technology to improve app reliability and reduce cost per transaction.
Grab also integrates its superapp architecture to enhance cross-service engagement, recommending mobility services to food users, or financial products to high-frequency consumers.
Leadership and Corporate Governance
Grab Holdings Limited is led by a seasoned management team with extensive experience in technology, finance, and operations across Asia. The company’s leadership emphasizes governance, transparency, and long-term stakeholder value, consistent with international standards for public companies listed on NASDAQ.
Board of Directors
As of December 31, 2024, Grab’s Board of Directors comprised 11 members, including executive and independent non-executive directors.
Key Board Members:
- Anthony Tan – Co-Founder, Group Chief Executive Officer, and Director
- Tan Hooi Ling – Co-Founder and Non-Executive Director
- Peter Oey – Chief Financial Officer
- Oliver Jay – Independent Director
- Daniel Yong Zhang – Independent Director
- Li Lu – Independent Director
- Bo Young Lee – Independent Director
- Wai Ming Loh – Independent Director
- Cindy Hook – Independent Director
- Paul Tang – Independent Director
- Jixun Foo – Independent Director
The Board’s composition reflects a balance of diverse expertise across technology, finance, strategy, governance, and regional market understanding.
Grab’s governance framework emphasizes accountability, risk oversight, and ethical conduct aligned with global best practices.
Executive Leadership
Grab’s Group Executive Committee (GEC) drives operational excellence and strategic growth.
- Anthony Tan continues to lead as Group CEO, overseeing corporate direction, long-term vision, and ecosystem expansion.
- Peter Oey, as CFO, focuses on capital allocation, investor relations, and profitability improvement.
- Other senior leaders manage critical divisions, including Mobility, Deliveries, Financial Services, and Regional Operations.
Grab’s executive compensation is performance-linked, structured around key business metrics, long-term value creation, and alignment with shareholder interests.
Corporate Governance Principles
Grab follows a robust governance structure guided by the following principles:
- Board Independence: A majority of directors are independent to ensure balanced decision-making.
- Ethics and Compliance: The company enforces a strong Code of Conduct, anti-bribery, and anti-corruption policies.
- Audit and Risk Oversight: The Audit Committee oversees financial reporting integrity, internal controls, and compliance mechanisms.
- Diversity and Inclusion: Grab values representation across gender, nationality, and professional background.
- Shareholder Rights: Dual-class share structure ensures strategic continuity while preserving shareholder protections through disclosures and SEC compliance.
Corporate Governance Committees
Grab’s Board maintains specialized committees for effective oversight:
- Audit Committee: Reviews internal audit results, accounting standards, and risk management systems.
- Compensation Committee: Oversees remuneration, incentive structures, and employee equity plans.
- Nominating and Corporate Governance Committee: Manages Board composition, succession, and governance policy updates.
- Risk Committee: Monitors enterprise-level risks, including cybersecurity, data privacy, and regulatory exposures.
Future Outlook and Strategic Priorities
Strategic Vision for the Coming Years
Grab Holdings Limited is now positioned at a pivotal phase of its evolution — transitioning from growth to sustained profitability while deepening its role as the everyday superapp for Southeast Asia. The company’s forward strategy focuses on scaling efficiency, expanding its financial ecosystem, and building long-term resilience through technology and sustainable innovation.
1. Path to Profitability
Grab’s leadership continues to emphasize financial discipline, balancing scale with sustainability. Key pillars of this strategy include:
- Improved Unit Economics: Enhancing per-transaction profitability through optimized incentives and dynamic pricing.
- Operational Efficiency: Automating processes, streamlining regional support functions, and leveraging AI for cost control.
- Monetization of Platform Services: Expanding GrabAds, GrabMaps licensing, and subscription models like GrabUnlimited.
The company’s net loss reduction trajectory from 2022 to 2024 illustrates solid execution toward profitability targets, supported by resilient demand and disciplined cost management.
2. Expanding Digital Financial Services
Grab aims to strengthen its presence in Southeast Asia’s fast-growing fintech sector through:
- Digital Banking Expansion: Scaling GXS Bank (Singapore) and GXBank Berhad (Malaysia) to provide savings, lending, and payments for consumers and small enterprises.
- Buy-Now-Pay-Later (BNPL) Growth: Deepening PayLater adoption within Grab’s app ecosystem and merchant network.
- Insurance and Wealth Management: Partnering with financial institutions to distribute micro-insurance and investment products.
- Credit Access for SMEs: Using data analytics to assess merchant creditworthiness and extend short-term working-capital loans.
Financial inclusion remains a cornerstone of Grab’s mission, enabling underserved populations to participate fully in the digital economy.
3. Mobility Reinvention
Grab’s mobility business is evolving from traditional ride-hailing into an integrated transportation-as-a-service (TaaS) model:
- Electric Vehicle Integration: Partnering with manufacturers and governments to accelerate EV adoption.
- Dynamic Routing Algorithms: Enhancing efficiency and reducing driver idle time through AI-powered optimization.
- Safety and Accessibility: Expanding GrabAssist and GrabFamily for inclusive transport coverage.
- Autonomous and Smart Mobility Research: Exploring pilot projects for long-term mobility innovation.
These efforts position Grab as a leader in sustainable, tech-enabled transportation across urban Southeast Asia.
4. Strengthening Deliveries Ecosystem
The Deliveries segment continues to be a key growth driver, and Grab’s roadmap emphasizes:
- Grocery and Fresh Commerce Expansion: Scaling GrabMart and GrabSupermarket in metropolitan areas.
- Cloud Kitchens and Logistics Efficiency: Investing in GrabKitchen networks to improve last-mile performance.
- Subscription Ecosystem: Enhancing GrabUnlimited membership benefits to increase order frequency and retention.
- AdTech Integration: Monetizing delivery demand via targeted ads within Grab’s platform.
Through innovation and operational excellence, Grab aims to maintain leadership in food, grocery, and parcel delivery categories.
5. AI, Data, and Innovation Leadership
Grab’s investment in technology remains central to its growth. The company continues to develop:
- AI-Driven Personalization: Recommending relevant services based on behavioral analytics.
- Fraud Prevention Systems: Strengthening data integrity and user protection.
- Cloud Infrastructure Optimization: Reducing latency and improving scalability.
- GrabMaps Commercialization: Expanding third-party licensing opportunities.
Grab’s proprietary tech stack enables speed, adaptability, and user-centric innovation — a competitive moat that supports sustainable expansion.
6. Sustainability Commitments and ESG Integration
Grab’s long-term vision integrates sustainability into every aspect of its strategy. Its ESG roadmap focuses on:
- Net-Zero Emission Pathways through EV adoption and carbon offset programs.
- Circular Economy Initiatives such as eco-friendly packaging and waste reduction.
- Inclusive Growth by empowering micro-entrepreneurs and women in the digital economy.
- Transparent Governance through continual improvements in ethics, reporting, and compliance.
The company’s sustainability efforts not only mitigate risks but also drive innovation and long-term brand equity.
Regional Expansion and Growth Opportunities
Grab continues to see strong momentum across Southeast Asia’s urban centers, supported by rising smartphone penetration, digital-payment adoption, and middle-class growth.
Emerging opportunities include:
- Regional Travel Recovery: Boosting cross-border mobility and airport transfers.
- Rural Digitalization: Expanding deliveries and financial services in non-urban regions.
- Partnership Ecosystem: Collaborating with telecom, retail, and banking partners to extend reach.
- AI-Based Credit and Risk Models: Unlocking scalable lending solutions for underserved markets.
These growth avenues reinforce Grab’s position as a multi-vertical platform deeply embedded in Southeast Asia’s economic fabric.
Long-Term Strategic Priorities
- Achieve Sustainable Profitability — balancing scale and financial discipline.
- Deepen Financial Inclusion — through digital banking and fintech innovation.
- Lead in Urban Mobility — with electrification and smart-mobility solutions.
- Advance ESG Goals — targeting net-zero operations and inclusive growth.
- Enhance Shareholder Value — through governance excellence, transparency, and consistent execution.
Conclusion
Grab Holdings Limited stands as a symbol of Southeast Asia’s digital transformation. From its roots as a start-up addressing local transport inefficiencies, it has become a diversified superapp ecosystem integrating mobility, deliveries, financial services, and enterprise solutions.
In 2024, Grab’s journey toward profitability, financial inclusion, and sustainable innovation gained significant momentum. Its technology-driven platform continues to empower millions across the region — redefining how people move, eat, pay, and grow.
With a clear strategic direction, strong liquidity, and disciplined governance, Grab is poised to sustain leadership in the dynamic Southeast Asian digital economy for years to come.
