Grab Holdings Limited (NASDAQ: GRAB): Corporate Profile & Financials

By Raveendran R | Updated on: November 13, 2026

Source: Grab Holdings Limited Form 20-F 2025

Grab Holdings Limited

Grab Holdings Limited is Southeast Asia’s leading superapp platform, operating across the deliveries, mobility, and digital financial services sectors. The company serves consumers, driver-partners, and merchant-partners in over 900 cities across eight countries in Southeast Asia: Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Core Business Segments & Operating Lines:
  • Deliveries: Connects merchant-partners and driver-partners with consumers to enable on-demand and scheduled delivery of meals, everyday essentials, groceries, and packages.
  • Mobility: Connects passengers with driver-partners offering various modal ride-hailing options.
  • Financial Services: Provides digital payment processing, lending to consumers and small businesses, insurance distribution, buy-now-pay-later (PayLater) products, and digital banking deposit and credit…
  • Others: Encompasses nascent enterprise technology offerings, including location-based mapping data services (GrabMaps), last-mile logistics infrastructure, and autonomous vehicle integration…
Metrics for FY 2025
Income Statement Metrics
Revenue
$3.37 B (▲ 20.5%)
Prev Year: $2.80 B
Gross Profit
$1.46 B (▲ 24.0%)
Prev Year: $1.17 B
Operating Profit
$65.00 M (▲ 138.7%)
Prev Year: -$168.00 M
Net Profit
$200.00 M (▲ 226.6%)
Prev Year: -$158.00 M
Gross Margin
43.20 % (▲ 123 bps)
Prev Year: 41.97 %
Operating Margin
1.93 % (▲ 794 bps)
Prev Year: -6.01 %
PAT Margin
5.93 % (▲ 1158 bps)
Prev Year: -5.65 %
Asset Turnover
0.28x (▼ 0.02 pts)
Prev Year: 0.30x
Return & Capital Efficiency Metrics
ROE
2.96 % (▲ 545 bps)
Prev Year: -2.49 %
ROCE
0.88 % (▲ 339 bps)
Prev Year: -2.51 %
ROC
0.74 % (▲ 324 bps)
Prev Year: -2.50 %
ROA
1.67 % (▲ 337 bps)
Prev Year: -1.70 %
Cash ROE
1.17 % (▼ 1225 bps)
Prev Year: 13.42 %
Cash ROCE
1.07 % (▼ 1164 bps)
Prev Year: 12.71 %
Cash ROC
0.90 % (▼ 1179 bps)
Prev Year: 12.69 %
Cash ROA
0.66 % (▼ 851 bps)
Prev Year: 9.17 %
3Y Avg ROE
-2.39 %
3Y Avg ROCE
-3.12 %
3Y Avg ROC
-3.16 %
3Y Avg ROA
-1.75 %
Balance Sheet Metrics
Total Assets
$11.98 B (▲ 28.9%)
Prev Year: $9.29 B
Current Assets
$8.08 B (▲ 23.1%)
Prev Year: $6.57 B
Total Liabilities
$5.23 B (▲ 77.5%)
Prev Year: $2.94 B
Current Liabilities
$4.63 B (▲ 78.5%)
Prev Year: $2.59 B
Capital Employed
$7.36 B (▲ 9.7%)
Prev Year: $6.70 B
Total Debt
$2.05 B (▲ 464.0%)
Prev Year: $364.00 M
Total Equity
$6.76 B (▲ 6.4%)
Prev Year: $6.35 B
Working Capital
$3.45 B (▼ 13.1%)
Prev Year: $3.97 B
Current Ratio
1.75x (▼ 0.79 pts)
Prev Year: 2.53x
Debt to Equity
0.30x (▲ 0.25 pts)
Prev Year: 0.06x
Debt to Assets
0.17x (▲ 0.13 pts)
Prev Year: 0.04x
Equity Multiplier
1.77x (▲ 0.31 pts)
Prev Year: 1.46x
Cash Flow Metrics
Operating Cash Flow
$79.00 M (▼ 90.7%)
Prev Year: $852.00 M
CapEx
$123.00 M (▲ 8.8%)
Prev Year: $113.00 M
Free Cash Flow
-$44.00 M (▼ 106.0%)
Prev Year: $739.00 M
OCF Margin
2.34 % (▼ 2812 bps)
Prev Year: 30.46 %
FCF Margin
-1.31 % (▼ 2773 bps)
Prev Year: 26.42 %
CF to Debt
0.04x (▼ 2.30 pts)
Prev Year: 2.34x

📋 Quick Facts / Company Snapshot: Grab Holdings (NASDAQ: GRAB)

Company Snapshot Details
Official Name Grab Holdings Limited
Ticker Symbol GRAB (Class A Ordinary Shares), GRABW (Warrants)
Primary Exchange The Nasdaq Stock Market LLC
Principal Executive Offices 3 Media Close, #01-03/06, Singapore 138498
Industry / Sector Superapp Platform / Deliveries, Mobility, Digital Financial Services
Founded June 2012 (First incorporated in July 2011 as MyTeksi Sdn. Bhd.)
Total Employees 12,012 full-time employees (plus 1,242 contract employees and 3,956 agency workers)
Key Locations Singapore, Indonesia, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Myanmar
Patents 296 granted patents, 838 pending patent applications, 104 registered designs
Principal Subsidiaries Grab Holdings Inc., Grab Inc., A2G Holdings Inc., A6 Holding Inc., PT Solusi Pengiriman Indonesia, PT Bumi Cakrawala Perkasa, Grab Company Limited, Grabtaxi (Thailand) Co., Ltd., Grabtaxi Holdings (Thailand) Co., Ltd., MyTaxi.PH, Inc., Grab PH Holdings Inc., Jaya Grocer Holdings Sdn. Bhd., GXS Bank Pte. Ltd., GX Bank Berhad
Parent Company Grab Holdings Limited
Chief Executive Officer Anthony Tan Ping Yeow
Chief Financial Officer Peter Oey
External Website https://grab.com/sg/

1. Corporate Identity: Grab Holdings Overview & History

The Big Picture

Grab Holdings Limited is Southeast Asia’s leading superapp platform, operating across the deliveries, mobility, and digital financial services sectors. The company serves consumers, driver-partners, and merchant-partners in over 900 cities across eight countries in Southeast Asia: Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Grab offers an integrated mobile application designed to meet everyday hyperlocal consumer needs, including on-demand food and grocery ordering, package delivery, ride-hailing, digital payments, lending, insurance distribution, and digital banking.

The company supports its operations through three distinct superapps tailored specifically to its constituent groups: one for consumers, one for driver-partners, and one for merchant-partners. Grab’s overarching corporate mission is to drive Southeast Asia forward by creating economic empowerment for everyone. This mission is guided by its foundational core principles known as the “4Hs”:

  • Heart: Pursuing the best interests of users to foster long-term trust and sustainable value creation across the region.
  • Hunger: Continuously pursuing technological innovation and operational efficiency through disciplined execution and rapid scaling.
  • Honor: Maintaining accountability to users, partners, employees, and external stakeholders.
  • Humility: Promoting a culture of continuous learning and improvement where employees take personal ownership of their growth.

Grab operates under a “triple bottom line” philosophy, striving simultaneously to deliver financial performance for shareholders, create positive social impact through economic empowerment for millions of gig workers and small merchants, and mitigate its regional environmental footprint through fleet electrification and carbon offset initiatives.

The Founders & Their Legacy

Grab was co-founded by Anthony Tan Ping Yeow and Tan Hooi Ling, who originally conceived the business idea while studying at Harvard Business School. Anthony Tan has served as Group Chief Executive Officer and Chairman of Grab since its inception. Under his leadership, Grab expanded from a localized taxi-booking application in Malaysia into a regional technology powerhouse spanning eight Southeast Asian markets.

Tan Hooi Ling previously served as a key executive officer and board member during the company’s early expansion phases, contributing to the development of its operational framework before stepping down from her operational and director roles. Anthony Tan maintains voting control over the company through a combination of Class B ordinary shares and voting proxy agreements with key executives and executive officers, ensuring a consistent strategic direction focused on long-term regional development.

The Journey: History & Evolution

The corporate foundation of Grab dates back to July 2011, when the entity was incorporated in Malaysia under the name MyTeksi Sdn. Bhd. In June 2012, the business formally launched its ride-hailing booking service in Malaysia under the brand name MyTeksi. Between 2013 and 2017, the company expanded its geographical coverage to Singapore, the Philippines, Thailand, Indonesia, Vietnam, Cambodia, and Myanmar.

To support its regional scaling and attract international capital, the group underwent several corporate restructurings. In June 2013, GrabTaxi Holdings Pte. Ltd. was incorporated in Singapore as the holding parent entity. In April 2015, the group reorganized under Grab Inc., an exempted company incorporated in the Cayman Islands. The brand officially unified under the name “Grab” in 2016. In March 2018, Grab Holdings Inc. (GHI) became the ultimate parent company of the group.

A transformational milestone occurred in March 2018, when Grab acquired Uber’s Southeast Asian operations in exchange for an equity stake in Grab, making Uber a major strategic shareholder. In December 2021, Grab completed its Business Combination with Altimeter Growth Corp., leading to the incorporation of Grab Holdings Limited (GHL) as the ultimate Cayman Islands holding parent and its public listing on the Nasdaq Stock Market under the ticker symbol “GRAB”.

Subsequent key developments include:

  • 2021: Acquisition of a 100% economic ownership interest in Indonesian digital payments platform OVO (PT Bumi Cakrawala Perkasa) and the launch of the GrabForGood Fund.
  • 2022: Completion of the acquisition of a majority economic interest in mass-premium Malaysian supermarket operator Jaya Grocer Holdings Sdn. Bhd., alongside the commercial launch of GXS Bank in Singapore under a restricted digital full bank license.
  • 2023: Launch of digital banking public operations in Malaysia via GXBank (GX Bank Berhad) and the introduction of GXS FlexiLoan in Singapore.
  • 2024: Digital banking deposit balances across GXS Bank and GXBank reached $1.2 billion, with GXBank exceeding one million active users.
  • 2025: Cumulative historical on-demand platform transactions exceeded 20 billion, total financial services loan portfolio crossed $1.18 billion, PT Super Bank Indonesia Tbk completed an initial public offering, majority economic interest acquired in East Malaysian supermarket chain Everrise, acquisition of digital SME lender Validus Capital in Singapore, and acquisition of Chinese AI robotics developer Infermove.

The Corporate Umbrella

Grab Holdings Limited serves as the primary ultimate holding company organized under Cayman Islands law. It conducts no independent substantive operations itself, functioning as a top-tier holding company that holds equity interests and contractual control rights over operating entities across Southeast Asia. Treasury, international financing, and executive governance functions are directed at the holding level, while localized operations are carried out via regional and domestic operating subsidiaries.

2. The Business Engine: Grab Holdings Business Model & Revenue Segments

The Core Divisions

Grab organizes its business operations into four primary reportable operating segments: Deliveries, Mobility, Financial Services, and Others. The following financial overview highlights segment revenue and Segment Adjusted EBITDA performance across recent reporting periods:

Segment Metric (in $ millions) 2025 2024 Latest YoY (%)
Deliveries Revenue
1,800 1,493 +20.56%
Deliveries Segment Adjusted EBITDA
287 196 +46.43%
Deliveries Gross Merchandise Value (GMV)
14,236 11,724 +21.43%
Mobility Revenue
1,219 1,047 +16.43%
Mobility Segment Adjusted EBITDA
690 569 +21.27%
Mobility Gross Merchandise Value (GMV)
7,901 6,640 +18.99%
Financial Services Revenue
347 253 +37.15%
Financial Services Segment Adjusted EBITDA (110) (105) +4.76%
Others Revenue
4 4 0.00%
Others Segment Adjusted EBITDA
1 3 -66.67%

Operating dynamics across each division reflect distinct monetization models:

  • Deliveries: Connects merchant-partners and driver-partners with consumers to enable on-demand and scheduled delivery of meals, everyday essentials, groceries, and packages. Revenues stem from merchant commissions, driver platform usage fees, consumer delivery fees (where Grab operates under a principal model), grocery retail sales via physical store networks (Jaya Grocer and Everrise), and advertising services via GrabAds.
  • Mobility: Connects passengers with driver-partners offering various modal ride-hailing options. Monetization is generated through commissions charged to driver-partners, consumer platform fees, vehicle rental fees via GrabRentals, and fleet-based advertising displays.
  • Financial Services: Provides digital payment processing, lending to consumers and small businesses, insurance distribution, buy-now-pay-later (PayLater) products, and digital banking deposit and credit services. Revenues are generated via transaction processing fees, loan interest income, factoring fees, and insurance distribution commissions.
  • Others: Encompasses nascent enterprise technology offerings, including location-based mapping data services (GrabMaps), last-mile logistics infrastructure, and autonomous vehicle integration efforts.

The Global Product Catalog

Grab’s superapp platform hosts a comprehensive suite of localized consumer and enterprise products:

  • GrabFood: On-demand and scheduled meal delivery booking connecting consumers with local restaurants and food stalls.
  • GrabMart & GrabSupermarket: Delivery of groceries, fresh produce, household goods, consumer electronics, and personal care products from partner retail stores and dark stores.
  • Dine Out: In-app discovery, table reservation, and discounted voucher purchasing program for restaurant dining.
  • GrabExpress: Point-to-point on-demand package and parcel delivery booking service for individuals and e-commerce sellers.
  • GrabCar: Private-hire vehicle ride-hailing offering options such as GrabCar Premium, GrabAssist (mobility accessibility), GrabFamily (child seats), GrabPet, GrabCar XL, and luxury van services (GrabExec).
  • GrabTaxi: Digital hailing booking integration for licensed commercial taxi drivers.
  • JustGrab: Dynamic allocation algorithm that combines taxi and private-hire vehicle availability under upfront fixed pricing.
  • GrabBike & Move It: Two-wheeled motorcycle ride-hailing tailored to dense urban corridors across markets like Indonesia, Vietnam, Thailand, and the Philippines.
  • Three-Wheelers: Culturally customized transportation solutions including GrabTukTuk, GrabTrike, GrabThoneBane, and GrabRemorque.
  • GrabPay & OVO: Digital e-wallet solutions facilitating online, in-app, and point-of-sale offline digital transactions.
  • Digital Banking: Deposit accounts, debit cards, and revolving lines of credit offered through GXS Bank in Singapore and GXBank in Malaysia.
  • GrabFin & PayLater: Working capital lending, micro-loans, receivables factoring, and consumer installment payment options.
  • GrabRentals: Vehicle fleet leasing solution offering competitive rental arrangements for driver-partners without personal vehicles.
  • Grab Unlimited: Paid monthly subscription membership plan offering aggregated delivery discounts and service perks across platform verticals.

The Names You Know

The primary customer-facing brand is Grab, which serves as the consumer master brand across Southeast Asia. In Indonesia, digital payment and financial service operations are conducted under the OVO brand name (PT Visionet Internasional / PT Bumi Cakrawala Perkasa). In Malaysia, physical grocery store operations are anchored by Jaya Grocer and Everrise. Digital banking operations are marketed as GXS Bank in Singapore and GXBank in Malaysia, while two-wheel transportation in the Philippines utilizes the Move It brand application.

Mapping the Global Reach

All of Grab’s consolidated revenues are generated within the Southeast Asian region. The geographic distribution of revenues across key operational markets is structured as follows:

Geographic Market (in $ millions) 2025 2024 2023 Latest YoY (%)
Indonesia
715 643 605 +11.20%
Malaysia
1,039 816 673 +27.33%
Philippines
316 265 200 +19.25%
Singapore
727 578 480 +25.78%
Thailand
288 252 205 +14.29%
Vietnam
255 228 185 +11.84%
Rest of Southeast Asia
30 15 11 +100.00%
Total Consolidated Revenue 3,370 2,797 2,359 +20.49%

Revenue distribution demonstrates significant operational scale in Malaysia, Singapore, and Indonesia, which together accounted for the majority of group revenue in 2025.

The Brick & Mortar Footprint

As a technology-first platform, Grab operates primarily through digital application infrastructure. Its physical assets include leased corporate headquarters, regional operational offices, fleet support hubs, data center co-locations, and grocery retail stores:

  • Principal Executive Headquarters: Located at 3 Media Close, #01-03/06, Singapore 138498, under a primary facility lease expiring in July 2032. This facility houses the largest of Grab’s eight global research and development centers and can accommodate up to 3,000 employees.
  • Global Facilities: As of December 31, 2025, the group leased office facilities worldwide totaling over 110,546 square meters across core regional markets.
  • Supermarket Retail Outlets: As of December 31, 2025, Grab operated 61 physical supermarket stores in Malaysia under the Jaya Grocer brand, supported by a central network of over 1,100 suppliers and managing over 42,000 stock-keeping units (SKUs). Physical store footprints expanded further in 2025 following the acquisition of Everrise in East Malaysia.

3. The Financial Health: Grab Holdings (FY 2025) Audited Financial Statements

Earnings, Expenses & Profits: Grab Holdings Income Statement

The following table provides the full audited Consolidated Statement of Profit or Loss for the financial years ended December 31, 2025, 2024, and 2023:

Consolidated Statement of Profit or Loss (in $ millions) 2025 2024 2023 Latest YoY (%)
Revenue 3,370 2,797 2,359 +20.49%
Cost of revenue (1,914) (1,623) (1,499) +17.93%
Other income 20 17 17 +17.65%
Sales and marketing expenses (367) (324) (293) +13.27%
General and administrative expenses (459) (512) (550) -10.35%
Research and development expenses (428) (410) (421) +4.39%
Net impairment losses on financial assets (140) (95) (72) +47.37%
Other expenses (5) (4) (4) +25.00%
Restructuring costs (12) (14) (56) -14.29%
Operating profit/ (loss) 65 (168) (519) N/M
Finance income 240 187 198 +28.34%
Finance costs (71) (106) (99) -33.02%
Net change in fair value of financial assets and liabilities 34 0 (39) N/M
Net finance income 203 81 60 +150.62%
Share of profit/ (loss) of equity-accounted investees (net of tax) 1 (8) (7) N/M
Profit/ (loss) before income tax 269 (95) (466) N/M
Income tax expense (69) (63) (19) +9.52%
Profit/ (loss) for the year 200 (158) (485) N/M
Profit/ (loss) attributable to owners of the Company 268 (105) (434) N/M
Profit/ (loss) attributable to non-controlling interests (68) (53) (51) +28.30%

In 2025, Grab reached a full-year positive operating profit of $65 million and a net profit for the year of $200 million, reflecting operational scaling, top-line growth across deliveries and financial services, reduced general administrative overheads, and higher net finance income.

Assets, Debts & Equity: Grab Holdings Balance Sheet

The following table sets forth the audited Consolidated Statement of Financial Position as of December 31, 2025 and 2024:

Consolidated Statement of Financial Position (in $ millions) 2025 2024 Latest YoY (%)
Property, plant and equipment 831 567 +46.56%
Intangible assets and goodwill 1,057 975 +8.41%
Associates and joint venture 309 131 +135.88%
Deferred tax assets 85 67 +26.87%
Other investments (Non-current) 1,023 765 +33.73%
Loan receivables in financial services (Non-current) 420 105 +300.00%
Deposits, prepayments and other assets (Non-current) 178 119 +49.58%
Total non-current assets 3,903 2,729 +43.02%
Inventories 87 59 +47.46%
Trade and other receivables 240 206 +16.50%
Loan receivables in financial services (Current) 760 431 +76.33%
Deposits, prepayments and other assets (Current) 189 241 -21.58%
Other investments (Current) 3,371 2,665 +26.49%
Cash and cash equivalents 3,433 2,964 +15.82%
Total current assets 8,080 6,566 +23.06%
Total assets 11,983 9,295 +28.92%
Loans and borrowings (Non-current) 373 241 +54.77%
Provisions (Non-current) 22 20 +10.00%
Other liabilities (Non-current) 169 66 +156.06%
Deferred tax liabilities 35 25 +40.00%
Total non-current liabilities 599 352 +70.17%
Loans and borrowings (Current) 1,680 123 +1265.85%
Provisions (Current) 25 41 -39.02%
Trade payables and other liabilities 1,256 1,169 +7.44%
Deposits from customers in banking business 1,629 1,225 +32.98%
Current tax liabilities 37 34 +8.82%
Total current liabilities 4,627 2,592 +78.51%
Total liabilities 5,226 2,944 +77.51%
Share capital and share premium 23,861 23,549 +1.32%
Reserves 337 197 +71.07%
Accumulated losses (17,470) (17,347) +0.71%
Equity attributable to owners of the Company 6,728 6,399 +5.14%
Non-controlling interests 29 (48) N/M
Total equity 6,757 6,351 +6.39%
Total equity and liabilities 11,983 9,295 +28.92%

Total current liabilities expanded in 2025 primarily due to the reclassification of the $1.5 billion zero coupon convertible senior notes issued in June 2025 to current loans and borrowings, driven by the embedded conversion feature exercisable by holders within twelve months.

Cash Flow & Capital Allocation: Grab Holdings Cash Flow Statement

The following table presents the audited Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 2023:

Consolidated Statement of Cash Flows (in $ millions) 2025 2024 2023 Latest YoY (%)
Profit/ (loss) before income tax 269 (95) (466) N/M
Amortization of intangible assets 32 25 17 +28.00%
Depreciation of property, plant and equipment 145 122 128 +18.85%
Equity-settled share-based payments 241 279 304 -13.62%
Finance costs 71 106 99 -33.02%
Net change in fair value of financial assets and liabilities (34) 0 39 N/M
Net impairment loss on financial assets 140 95 72 +47.37%
Finance income (240) (187) (198) +28.34%
Loss/ (gain) on disposal of property, plant and equipment 1 (10) (11) N/M
Share of (profit)/ loss of equity-accounted investees (net of tax) (1) 8 7 N/M
Change in provisions (18) 4 1 N/M
Dividend income (7) 0 0 N/M
Change in inventories (9) (9) (1) 0.00%
Change in deposits pledged (69) (18) (22) +283.33%
Change in trade and other receivables (10) (97) (11) -89.69%
Change in loan receivables in financial services segment (691) (276) (184) +150.36%
Change in trade payables and other liabilities 40 120 (7) -66.67%
Change in deposits from customers in the banking business 308 843 364 -63.46%
Cash from operations 168 910 131 -81.54%
Income tax paid (89) (58) (45) +53.45%
Net cash from operating activities 79 852 86 -90.73%
Acquisition of property, plant and equipment (97) (77) (71) +25.97%
Purchase of intangible assets (26) (36) (21) -27.78%
Proceeds from disposal of property, plant and equipment 16 26 28 -38.46%
Acquisition of additional interests in associates and joint venture (145) (43) 0 +237.21%
Proceeds from disposal of subsidiaries 1 0 0 N/M
Acquisition of subsidiaries with non-controlling interests, net of cash acquired (100) (23) 0 +334.78%
Receipt of co-investing arrangement loan receivable 0 93 0 -100.00%
(Acquisitions of)/ net proceeds from sale of other investments (609) (362) 1,752 +68.23%
Interest received 171 191 183 -10.47%
Dividend received 7 0 0 N/M
Net cash (used in)/ from investing activities (782) (231) 1,871 +238.53%
Proceeds from share-based payment arrangements 24 25 16 -4.00%
Repurchase and retirement of ordinary shares (274) (226) 0 +21.24%
Proceeds from bank loans 193 120 116 +60.83%
Repayment of bank loans (260) (635) (765) -59.06%
Payment of lease liabilities (52) (46) (39) +13.04%
Proceeds from issuance of convertible notes 1,500 0 0 N/M
Transaction costs related to issuance of convertible notes (22) 0 0 N/M
Acquisition of non-controlling interests without change in control (130) (60) (27) +116.67%
Proceeds from subscription of shares in subsidiaries by non-controlling interests without change in control 126 36 10 +250.00%
Deposits released/ (pledged) 16 49 (1) -67.35%
Interest paid (26) (34) (80) -23.53%
Net cash from/ (used in) financing activities 1,095 (771) (770) N/M
Net increase/ (decrease) in cash and cash equivalents 392 (150) 1,187 N/M
Cash and cash equivalents at January 1 2,964 3,138 1,952 -5.54%
Effect of exchange rate fluctuations on cash held 77 (24) (1) N/M
Cash and cash equivalents at December 31 3,433 2,964 3,138 +15.82%

Funding the Future: R&D and Expansion Spending

Research and development expenditures were $428 million in 2025, compared to $410 million in 2024 and $421 million in 2023. R&D investments focus on machine learning algorithms for matching efficiency, mapping engine enhancements (GrabMaps), platform automation, and AI chatbots/virtual assistants.

Capital expenditures for the acquisition of property, plant, and equipment and software purchase were $123 million in 2025, compared to $113 million in 2024 and $92 million in 2023. Capital outlays primarily funded the expansion of the rental vehicle fleet in Singapore and Indonesia, physical store fit-outs for grocery retail operations, and IT server infrastructure.

4. The Corporate Family Tree: Grab Holdings Subsidiaries & Acquisitions

Subsidiaries, Associates, & Shared Ventures

Due to regional restrictions on foreign equity ownership in transport, platform, payment, and media businesses, Grab utilizes a combination of direct equity ownership, tiered shareholding structures, and contractual arrangements (variable interest entity structures) across key markets:

  • Digital Banking Joint Venture (GXS Bank & GXBank): Joint venture between a Grab subsidiary and a subsidiary of Singapore Telecommunications Limited (Singtel). Operates GXS Bank in Singapore (licensed digital full bank) and GXBank in Malaysia (GX Bank Berhad). Total capital commitment under the shareholders’ agreement is up to SGD 1.93 billion ($1.5 billion).
  • PT Super Bank Indonesia Tbk: Digital bank joint venture in Indonesia in which Grab holds less than a 50% equity interest. Superbank completed an initial public offering on the Indonesia Stock Exchange in December 2025.
  • OVO / PT Bumi Cakrawala Perkasa (BCP): Grab holds an 82.8% equity interest in BCP (which owns Indonesian payment platform OVO), representing a 38.9% voting power due to a dual-class structure, and consolidates the entity via contractual rights.
  • Jaya Grocer Holdings Sdn. Bhd.: Grab holds a 72.5% equity interest carrying 50.0% voting power, and consolidates the entity through a management contract structure.
  • Eastern Grocer Sdn. Bhd. (Everrise): Grab acquired an 80% majority economic interest in March 2025 to expand retail grocery operations in East Malaysia.
  • Validus Capital Pte Ltd: Grab acquired 100% equity ownership in April 2025 to expand digital SME lending in Singapore.
  • Infermove: Chinese AI robotics developer acquired 100% in December 2025 to enhance first- and last-mile delivery automation capabilities.
  • PT Solusi Pengiriman Indonesia (SPI): Grab holds a 49% equity interest in SPI (point-to-point courier delivery in Indonesia) and consolidates the entity via contractual agreements.
  • Grab Company Limited (Vietnam): Grab holds a 49% equity interest and consolidates the entity through charter voting thresholds (requiring 75% approval) and contractual agreements with the 51% Vietnamese local shareholder.
  • Thai Operating Entities: Operations in Thailand (including Grabtaxi (Thailand) Co., Ltd.) are structured via a tiered holding framework where Thai entities hold over 50% of shares, consolidated by Grab via preference share voting and veto rights in top-tier holding companies.
  • Philippine Operating Entities: Mobility and delivery operations (including MyTaxi.PH, Inc.) are owned 40% directly by Grab and 60% by Grab PH Holdings Inc., which is 40% owned by Grab and 60% by a Philippine local partner, consolidated via contractual agreements.

Strategic Investments & Minority Stakes

  • Vay Technology GmbH: In January 2026, Grab acquired a minority equity interest in Vay Technology GmbH, a remote driving technology company operating in the United States, for a cash consideration of $55 million.
  • Stash Financial, Inc.: In February 2026, Grab entered into a definitive agreement to acquire a 100% equity interest in U.S. digital investing platform Stash Financial, Inc. Initial closing for a 50.1% interest is structured at an enterprise value of $425 million, with remaining equity purchased over three years following closing. The transaction remains subject to regulatory approvals.

5. Power & Control: Grab Holdings Executive Leadership & Ownership

The Brain Trust: Board of Directors & Executive Leadership

The leadership team and board of directors of Grab Holdings Limited comprise the following officers and directors:

  • Anthony Tan Ping Yeow (Founder, Chairman and Chief Executive Officer, Age 44): Co-founder of Grab. Serves as Group CEO leading strategy and operations since 2012. Holds a B.A. with honors in economics and public policy from the University of Chicago (2004) and an MBA from Harvard Business School (2011).
  • Alex Hungate (President and Chief Operating Officer, Age 59): Joined Grab in January 2022. Oversees Mobility, Deliveries, Financial Services, country operations, marketing, and commercial functions. Previously served as President and CEO of SATS Ltd. (2014–2021) and CEO of HSBC Singapore (2010–2013). Holds a degree in engineering, economics, and management from Oxford University (1989) and an MBA from Harvard Business School (1993). Will join the Board of Directors effective May 1, 2026.
  • Peter Oey (Chief Financial Officer and Director, Age 55): Joined Grab in April 2020. Leads financial operations, corporate accounting, treasury, FP&A, investor relations, tax, corporate finance, legal, and procurement. Appointed as director effective May 1, 2025. Previously CFO of LegalZoom.com (2014–2020) and MyLife.com (2012–2014), and held senior finance roles at Activision Blizzard (1996–2012). Holds a bachelor’s degree in economics from the University of Sydney (1991).
  • Ong Chin Yin (Chief Organisation Capability Officer, Age 51): Appointed Chief Organisation Capability Officer on January 1, 2026, after serving as Chief People Officer since November 2015. Oversees government relations, people operations, technology capabilities, and real estate. Served as a director from January 1, 2024 to March 31, 2025. Holds a Bachelor of Social Science (Honors) in psychology from the National University of Singapore (1997).
  • Suthen Thomas Paradatheth (Chief Technology Officer, Age 44): Appointed CTO on October 1, 2022. Oversees technical engineering teams across Deliveries, Mobility, Financial Services, and Cybersecurity. Served as Grab’s first technical lead in 2012. Holds a B.S. in computer software engineering from Multimedia University (2005) and a Master in Public Policy from Harvard Kennedy School (2015).
  • Philipp Kandal (Chief Product Officer, Age 43): Appointed CPO on February 1, 2023. Leads Product, Design, Analytics, Geo/GrabMaps, and market intelligence teams. Co-founded Skobbler (acquired by Telenav). Holds an MBA in Global e-Management from the University of Cologne.
  • John Rogers (Independent Director, Age 57): Board member since December 2021 and Chair of the Audit Committee. Serves as CFO of Smith+Nephew (since Dec 2023). Previously CFO of WPP plc (2020–2023) and CEO of Sainsbury’s Argos (2016–2019). Holds a Master of Engineering from Imperial College London (1991) and an MBA from INSEAD (1997).
  • Dara Khosrowshahi (Independent Director, Age 56): Board member since March 2018. CEO of Uber Technologies, Inc. (since Sept 2017). Formerly CEO of Expedia Group (2005–2017) and CFO of IAC/InterActiveCorp. Holds a B.S. in Electrical and Electronics Engineering from Brown University (1991).
  • Steven Howard Tishman (Independent Director, Age 69): Appointed to the board in May 2025. Managing Director and Global Head of Houlihan Lokey’s M&A Group. Director of Acushnet Holdings Corp. Holds extensive experience in corporate M&A.
  • Laura Susan Franco (Independent Director, Age 63): Appointed to the board in December 2025. Previously Executive Vice President and General Counsel of Madison Square Garden Entertainment Corp. and Chief Legal Officer at Bumble Inc. Holds a J.D. from Harvard Law School and a B.S. in Economics from The Wharton School.
  • Daniel Yun (Independent Director, Age 55): Appointed to the board in April 2024 and Chair of the Compensation Committee. Serves as CEO of KakaoBank (since April 2016). Holds a Bachelor of Business Administration from Hanyang University (1997).

Who Owns the Stock?

The beneficial ownership of Grab Holdings Limited as of January 31, 2026, based on 3,972,725,983 Class A ordinary shares and 127,755,800 Class B ordinary shares issued and outstanding, is detailed below:

Shareholder Class A Ordinary Shares Class B Ordinary Shares % of Total Shares % of Total Voting Power
Anthony Tan Ping Yeow 0 131,835,048 3.2% 59.9%
Alex Hungate 0 0 0.0% 0.0%
Peter Oey 0 0 0.0% 0.0%
Ong Chin Yin 0 0 0.0% 0.0%
Suthen Thomas Paradatheth 0 0 0.0% 0.0%
Philipp Kandal 0 0 0.0% 0.0%
John Rogers 0 0 0.0% 0.0%
Dara Khosrowshahi 0 0 0.0% 0.0%
Steven Tishman 0 0 0.0% 0.0%
Laura Franco 0 0 0.0% 0.0%
Daniel Yun 0 0 0.0% 0.0%
All Directors & Executive Officers as a Group 0 131,835,048 3.5% 60.0%
SB Investment Advisers (UK) Limited (SoftBank) 401,796,672 0 9.8% 4.1%
Uber Technologies, Inc. 535,902,982 0 13.1% 5.5%
Toyota Motor Corp 222,906,079 0 5.4% 2.3%

Anthony Tan controls 59.9% of the total voting power through his own Class B shares, Class B shares owned by Hibiscus Worldwide Ltd., and voting proxy agreements (Shareholders’ Deed and Voting Proxy Deeds) covering Class B shares held by co-founder Tan Hooi Ling, former President Maa Ming-Hokng, and current executive officers.

The company scheduled an Extraordinary General Meeting (EGM) for March 24, 2026, to vote on a special resolution amending the Articles of Association to increase the voting weight of Class B ordinary shares from 45 votes to 90 votes per share. This proposed increase ensures that Anthony Tan maintains majority voting power (69.4% buffer projection) even if third-party Class B holders convert their shares to Class A shares, satisfying Monetary Authority of Singapore regulatory mandates requiring GXS Bank’s parent control to remain anchored by a Singaporean citizen.

6. Strategic Outlook: Grab Holdings Growth Catalysts & Key Risks

Competitive Advantages & Economic Moats

Grab’s operational position rests on several structural advantages:

  • Superapp Synergies: High-frequency services (mobility and meal delivery) lower customer acquisition costs for lower-frequency, higher-margin financial offerings (lending, insurance, and banking).
  • Hyperlocal Execution & Density: Localized maps (GrabMaps), merchant integrations, and driver density across 900+ cities create entry barriers for regional or global entrants.
  • Multi-Tasking Driver Network: Driver-partners cross-fulfill ride-hailing and parcel/food delivery orders, optimizing vehicle utilization rates and driver earnings.
  • Proprietary Technology Stack: In-house dispatch, dynamic pricing algorithms, mapping engines, and AI customer service bots streamline operations across diverse regulatory jurisdictions.

What Could Go Wrong? Key Challenges & Business Risks

Grab faces several operational, legal, and market risks:

  • Intense Competition: Competitors include regional and market-specific players such as Foodpanda, ShopeeFood, Gojek, Line Man Wongnai, Be Group, Bolt, Tada, Ryde, Maxim, InDrive, ShopeePay, Dana, and GoPay.
  • Gig Worker Reclassification & Unionization: Legislative changes regarding independent contractor status could increase labor costs. Examples include Singapore’s Platform Workers Act 2024 (requiring statutory account contributions and injury insurance), Malaysia’s Gig Workers Act 2025 (effective March 2026), Thailand’s draft Freelancer Act, and proposed decrees in Indonesia.
  • Foreign Ownership Restrictions: Statutory foreign ownership limits in Thailand, Vietnam (49% transport cap), the Philippines, Indonesia (85% digital payment limit), and Malaysia require reliance on complex multi-tiered shareholding or variable interest entity structures.
  • Incentive Level Management: Maintaining platform engagement while optimizing partner and consumer incentives relative to commissions remains central to preserving net margins. Total partner and consumer incentives were $2.27 billion in 2025.
  • Credit and Banking Exposure: Expanding loan book balances ($1.18 billion in 2025) increase exposure to default rates, requiring expected credit loss provisioning ($140 million impairment loss in 2025).
  • Regulatory Scrutiny: Antitrust and fair trading reviews by competition regulators (such as CCS in Singapore, MyCC in Malaysia, PCC in the Philippines, and KPPU in Indonesia) could restrict strategic M&A or platform commission rules.
  • Debt Repayment & Convertibles: The $1.5 billion zero coupon convertible senior notes due 2030 contain early redemption rights in June 2028 and conversion rights that could induce equity dilution or cash outflow.

The Next Chapter: Growth & Expansion Initiatives

Management’s growth agenda centers on three key areas:

  • Scaling Digital Banking: Expanding deposit intake and revolving credit deployment across GXS Bank in Singapore, GXBank in Malaysia, and Superbank in Indonesia.
  • Grocery & Retail Integration: Leveraging Jaya Grocer and Everrise physical supply chains to deepen online grocery fulfillment and expand margin profiles via GrabMart.
  • AI & Robotics Deployment: Integrating autonomous first- and last-mile delivery hardware via the acquired Infermove robotics unit, alongside expanded deployment of generative AI across operational workflows.
  • Capital Return & Share Repurchases: Following the completion of its prior buyback program, Grab’s Board of Directors authorized a new $500 million Class A ordinary share repurchase program in February 2026.

The Verdict: Strategic Outlook & Conclusion

In 2025, Grab reached a financial milestone by reporting its first full-year positive operating income ($65 million) and net profit ($200 million), supported by $3.37 billion in total consolidated revenue. The company maintains a liquidity position comprising $3.43 billion in cash and cash equivalents alongside $4.39 billion in time deposits and investment securities. As Grab continues to scale its digital banking, grocery retail, and AI logistics investments, its performance will depend on maintaining margin growth, navigating gig-worker regulatory developments, and managing credit risk across its Southeast Asian ecosystem.

❓ Frequently Asked Questions: Grab Holdings Limited

What was Grab Holdings Limited’s revenue and net income in FY 2025?

In FY 2025, Grab Holdings Limited (NASDAQ: GRAB) reported total revenue of $3.37 B ((▲ 20.5%) compared to $2.80 B in the prior fiscal year). Gross profit stood at $1.46 B (gross margin of 43.20 %). Operating profit was $65.00 M and bottom-line net income was $200.00 M.

Is Grab Holdings Limited profitable and generating positive cash flow in FY 2025?

Yes, Grab Holdings Limited was profitable in FY 2025, recording net profit of $200.00 M (PAT margin: 5.93 %). On a cash basis, the company generated $79.00 M in cash flow from operating activities and invested $123.00 M in capital expenditures, resulting in free cash flow of -$44.00 M. Return on Equity (ROE) was 2.96 % and Cash ROE was 1.17 %.

How much debt, assets, and equity does Grab Holdings Limited hold?

As of FY 2025, Grab Holdings Limited held $11.98 B in total assets, $5.23 B in total liabilities, and $6.76 B in total stockholders’ equity. Total debt stood at $2.05 B (debt-to-equity ratio of 0.30x). Net working capital was $3.45 B with a current ratio of 1.75x.

Who is the CEO and CFO of Grab Holdings Limited?

The Chief Executive Officer (CEO) of Grab Holdings Limited is Anthony Tan Ping Yeow. The Chief Financial Officer (CFO) is Peter Oey.

Where is Grab Holdings Limited headquartered and when was it founded?

Grab Holdings Limited is headquartered in 3 Media Close, #01-03/06, Singapore 138498. The company traces its founding/incorporation to June 2012 (First incorporated in July 2011 as MyTeksi Sdn. Bhd.). Total disclosed workforce/headcount is 12,012 full-time employees (plus 1,242 contract employees and 3,956 agency workers). Its official corporate website is https://grab.com/sg/.

Note: Financial ratios, margins, year-over-year (YoY) growth rates, and percentage shares of revenue are calculated by FirmsWorld based on figures reported in the company’s official SEC filing.