Grab Holdings Limited, incorporated in the Cayman Islands, is a leading superapp platform in Southeast Asia, operating across over 800 cities. The company, dual-headquartered in Singapore and Indonesia, provides a wide range of services including mobility, deliveries, financial services, and other enterprise offerings. Grab’s mission is to drive Southeast Asia forward by creating economic empowerment for millions while maintaining a sustainable business model. The company connects millions of consumers with driver-partners and merchant-partners through its integrated platform, fostering a robust ecosystem that enhances consumer engagement and merchant sales.
Company Profile
Grab’s operations are structured around a superapp model, offering seamless access to everyday needs such as ride-hailing, food and grocery delivery, digital payments, lending, and insurance. The company leverages advanced technology, including artificial intelligence and machine learning, to optimize its marketplace and ensure scalability, flexibility, and reliability. Grab’s platform is designed to cater to city-specific requirements, providing multilingual real-time community safety and user support. The company has built a strong team with deep technical and business expertise, emphasizing a customer-centric approach and positive social impact.
Grab is listed on the Nasdaq Stock Market LLC under the ticker “GRAB” for its Class A ordinary shares and warrants. Despite its growth, the company has faced challenges, including net losses since inception, regulatory complexities, and competitive pressures due to low barriers to entry in its markets. Grab’s strategic focus includes expanding its digital banking and financial services, enhancing its ecosystem through partnerships, and maintaining a robust compliance framework to navigate the evolving regulatory landscape in Southeast Asia.
Business Segments
Grab operates through four primary business segments: Deliveries, Mobility, Financial Services, and Others. Each segment contributes to the company’s ecosystem, with distinct revenue streams and operational models.
Deliveries
- Description: The Deliveries segment encompasses food, grocery, and parcel delivery services. Grab connects consumers with merchant-partners (restaurants, grocers) and driver-partners to facilitate on-demand delivery. The company earns revenue through commissions from merchant-partners and driver-partners, as well as platform fees from consumers. In certain markets, Grab is contractually responsible for delivery services, subcontracting with driver-partners, and recognizes incentives granted to them as part of the cost of revenue.
- Key Offerings: GrabFood, GrabMart, GrabExpress, and GrabKitchen (cloud kitchens).
- Revenue Contribution (2024): $1,493 million, representing 53.4% of total revenue ($2,797 million).
- Details: Revenue in 2024 grew by 14% from $1,310 million in 2023, driven by increased on-demand Gross Merchandise Value (GMV) and contributions from GrabMart and GrabExpress. The segment focuses on optimizing delivery logistics using AI-driven algorithms to match supply and demand efficiently.
Mobility
- Description: The Mobility segment provides ride-hailing services, connecting consumers with driver-partners for various transport modes, including cars, taxis, and motorcycles. Revenue is generated through commissions from driver-partners and platform fees from consumers, with additional income from vehicle leasing to driver-partners.
- Key Offerings: GrabCar, GrabTaxi, GrabBike, and GrabShare (carpooling).
- Revenue Contribution (2024): $1,047 million, representing 37.4% of total revenue.
- Details: Revenue increased by 20% from $871 million in 2023, fueled by growth in domestic demand and inbound international travel. The segment leverages Grab’s ability to pool taxi and private car supply, enhancing booking efficiency and ride affordability.
Financial Services
- Description: The Financial Services segment includes digital payments, lending, insurance, and digital banking. Grab offers these services through its superapp, targeting both consumers and merchant-partners. The company earns revenue from transaction fees, interest on loans, and insurance underwriting.
- Key Offerings: GrabPay, GrabFinance, GrabRewards, GXS Bank, GXBank, and GXS FlexiCard.
- Revenue Contribution (2024): $253 million, representing 9.0% of total revenue.
- Details: Revenue grew by 43% from $177 million in 2023, driven by expansion in digital banking (GXS Bank in Singapore and GXBank in Malaysia) and increased loan disbursements. The segment’s loan portfolio grew by 64% to $536 million in 2024, reflecting strong demand for micro-financing and credit products.
Others
- Description: The Others segment includes enterprise offerings like GrabMaps (mapping and location-based services), GrabAds (advertising solutions), and GrabDefence (fraud detection). These services cater to businesses and enhance the ecosystem’s value proposition.
- Key Offerings: GrabMaps, GrabAds, GrabDefence, and GrabHealth.
- Revenue Contribution (2024): $4 million, representing 0.1% of total revenue.
- Details: Revenue increased from $1 million in 2023, driven by growth in GrabAds, which offers advertising touchpoints on the platform and vehicle fleet. GrabMaps supports precise navigation, while GrabDefence enhances platform security.
Revenue Breakup Summary (2024):
| Segment | Revenue ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Deliveries | 1,493 | 53.4% |
| Mobility | 1,047 | 37.4% |
| Financial Services | 253 | 9.0% |
| Others | 4 | 0.1% |
| Total | 2,797 | 100% |
Products and Services Offered
Grab’s superapp integrates a diverse portfolio of products and services, addressing mobility, delivery, financial, and enterprise needs. Below is a detailed list with revenue contributions aligned with the business segments.
Deliveries
- GrabFood:
- Description: A food delivery service connecting consumers with restaurants. Consumers order via the superapp, and driver-partners deliver meals.
- Revenue Contribution: Part of the Deliveries segment (53.4% of total revenue).
- Details: GrabFood is a key driver of the Deliveries segment, leveraging a vast network of merchant-partners. The service includes promotional listings and banner ads, contributing to revenue growth.
- GrabMart:
- Description: An on-demand grocery delivery service offering a wide range of products from local stores and Jaya Grocer (a Grab subsidiary).
- Revenue Contribution: Part of the Deliveries segment (53.4% of total revenue).
- Details: GrabMart has over 38,000 stock-keeping units and 1,100 suppliers, with more than one million members in the Jaya Loyalty program.
- GrabExpress:
- Description: A parcel delivery service for documents and packages, offering same-day and instant delivery options.
- Revenue Contribution: Part of the Deliveries segment (53.4% of total revenue).
- Details: Launched in 2015, GrabExpress supports small businesses and individuals with efficient logistics solutions.
- GrabKitchen:
- Description: Cloud kitchens that optimize food preparation for delivery, reducing overhead for merchant-partners.
- Revenue Contribution: Part of the Deliveries segment (53.4% of total revenue).
- Details: Enhances delivery efficiency by centralizing food preparation in high-demand areas.
Mobility
- GrabCar:
- Description: A ride-hailing service offering private car rides for consumers.
- Revenue Contribution: Part of the Mobility segment (37.4% of total revenue).
- Details: GrabCar is a core offering, with revenue driven by commissions and platform fees. It supports flexible pricing based on distance and time.
- GrabTaxi:
- Description: A service that pools licensed taxis, enabling faster bookings and efficient mobility.
- Revenue Contribution: Part of the Mobility segment (37.4% of total revenue).
- Details: Enhances mobility by integrating taxis into the platform, catering to urban transport needs.
- GrabBike:
- Description: A motorcycle ride-hailing service popular in Indonesia, Vietnam, and Thailand.
- Revenue Contribution: Part of the Mobility segment (37.4% of total revenue).
- Details: Offers affordable and quick transport, particularly in traffic-heavy cities.
- GrabShare:
- Description: A carpooling service allowing users to share rides, add multiple stops, and save on fares.
- Revenue Contribution: Part of the Mobility segment (37.4% of total revenue).
- Details: Launched in 2024, GrabShare enhances affordability and convenience for group travel.
Financial Services
- GrabPay:
- Description: A digital payments solution for online and offline transactions, including e-wallets and merchant payments.
- Revenue Contribution: Part of the Financial Services segment (9.0% of total revenue).
- Details: Launched in 2017, GrabPay supports seamless transactions across the ecosystem, with revenue from transaction fees.
- GrabFinance (GrabFin):
- Description: Offers lending and receivables factoring for merchant-partners and driver-partners.
- Revenue Contribution: Part of the Financial Services segment (9.0% of total revenue).
- Details: Includes micro-financing products like term loans, with a 64% increase in loan portfolio to $536 million in 2024.
- GrabRewards:
- Description: A loyalty program rewarding users with points for transactions, redeemable for discounts and services.
- Revenue Contribution: Part of the Financial Services segment (9.0% of total revenue).
- Details: Launched in 2017, it enhances user retention and engagement.
- GXS Bank:
- Description: A digital bank in Singapore offering savings accounts, debit cards, and FlexiLoan (digital lending).
- Revenue Contribution: Part of the Financial Services segment (9.0% of total revenue).
- Details: Launched restricted banking in 2023, with FlexiLoan introduced in 2024.
- GXBank:
- Description: A digital bank in Malaysia offering savings accounts, payment products, and FlexiCredit (revolving credit line).
- Revenue Contribution: Part of the Financial Services segment (9.0% of total revenue).
- Details: Commenced foundational banking operations in November 2023, with significant growth in 2024.
- GXS FlexiCard:
- Description: An interest-free, fee-based credit card with a S$500 credit limit issued by GXS Bank.
- Revenue Contribution: Part of the Financial Services segment (9.0% of total revenue).
- Details: Enhances financial inclusion with accessible credit options.
Others
- GrabMaps:
- Description: A B2B mapping and location-based service for precise navigation and logistics.
- Revenue Contribution: Part of the Others segment (0.1% of total revenue).
- Details: Supports Grab’s ecosystem and external businesses with accurate geolocation services.
- GrabAds:
- Description: Advertising solutions, including in-app promotions and vehicle fleet advertising.
- Revenue Contribution: Part of the Others segment (0.1% of total revenue).
- Details: Enables businesses to reach consumers through targeted advertising, driving ecosystem engagement.
- GrabDefence:
- Description: A fraud detection and prevention solution ensuring platform security.
- Revenue Contribution: Part of the Others segment (0.1% of total revenue).
- Details: Launched in 2019, it maintains low safety and fraud incident rates.
- GrabHealth:
- Description: A healthcare service powered by Good Doctor Technology, offering telemedicine and health solutions.
- Revenue Contribution: Part of the Others segment (0.1% of total revenue).
- Details: Enhances consumer access to healthcare services via the superapp.
Revenue Breakup by Product/Service Category (2024):
| Category | Revenue ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Deliveries (GrabFood, GrabMart, GrabExpress, GrabKitchen) | 1,493 | 53.4% |
| Mobility (GrabCar, GrabTaxi, GrabBike, GrabShare) | 1,047 | 37.4% |
| Financial Services (GrabPay, GrabFinance, GrabRewards, GXS Bank, GXBank, GXS FlexiCard) | 253 | 9.0% |
| Others (GrabMaps, GrabAds, GrabDefence, GrabHealth) | 4 | 0.1% |
| Total | 2,797 | 100% |
Company History
Grab’s journey began in 2012 as a ride-hailing service and has evolved into a comprehensive superapp platform. Below is a detailed timeline of its milestones:
- 2012: Founded as MyTeksi in Malaysia, focusing on taxi-hailing services.
- 2015: Launched GrabExpress, expanding into parcel delivery services.
- 2017:
- Acquired Kudo, an Indonesian agent network company, later rebranded as GrabKios.
- Launched GrabPay, a digital payments solution, and GrabRewards, a loyalty program.
- 2018: Invested in OVO, a digital payments platform in Indonesia, strengthening its financial services portfolio.
- 2019:
- Launched GrabDefence, a fraud detection solution, and GrabHealth, a telemedicine service powered by Good Doctor Technology.
- Introduced GrabFinance (later rebranded as GrabFin), offering lending and receivables factoring.
- 2020: Expanded financial services with new lending products and partnerships.
- 2021:
- Went public on Nasdaq via a SPAC merger, listing Class A ordinary shares and warrants.
- Received a digital banking license in Singapore for GXS Bank.
- 2022:
- Launched GrabShare, a carpooling service, and continued expansion of digital banking services.
- Faced regulatory scrutiny, including a PHP 1.4 billion ($24.2 million) tax assessment in the Philippines in 2018, resolved by 2022.
- 2023:
- GXS Bank launched FlexiLoan in Singapore and commenced restricted banking operations.
- GXBank launched savings accounts in Malaysia, marking the start of foundational banking operations.
- Received a direct general insurer license from the Monetary Authority of Singapore (MAS).
- 2024:
- Expanded GrabShare with features for group travel.
- GXS Bank and GXBank scaled operations, with significant growth in loan portfolios and digital banking services.
- Achieved a 19% revenue increase to $2,797 million from $2,359 million in 2023.
- 2025:
- Continued focus on digital banking expansion and ecosystem growth.
- Implemented new regulatory compliance measures, including adherence to Vietnam’s Law on Road 2024 and Indonesia’s competition laws.
Grab’s evolution reflects its strategic expansion from a ride-hailing platform to a multifaceted superapp, driven by acquisitions, partnerships, and technological innovation.
Brands
Grab operates several brands under its segments, each contributing to its ecosystem. Below is a comprehensive list with details:
- GrabFood:
- Description: Food delivery service connecting consumers with restaurants.
- Revenue Contribution: Part of Deliveries (53.4% of total revenue).
- Details: Offers a wide range of cuisines, with revenue from commissions and advertising. Operates in multiple countries, leveraging Grab’s logistics network.
- GrabMart:
- Description: Grocery delivery service with a focus on convenience and variety.
- Revenue Contribution: Part of Deliveries (53.4% of total revenue).
- Details: Includes Jaya Grocer, with over 38,000 SKUs and a loyalty program with one million members.
- GrabExpress:
- Description: Parcel delivery service for businesses and individuals.
- Revenue Contribution: Part of Deliveries (53.4% of total revenue).
- Details: Supports same-day and instant delivery, enhancing small business logistics.
- GrabKitchen:
- Description: Cloud kitchens for optimized food delivery.
- Revenue Contribution: Part of Deliveries (53.4% of total revenue).
- Details: Reduces costs for merchant-partners by centralizing food preparation.
- GrabCar:
- Description: Private car ride-hailing service.
- Revenue Contribution: Part of Mobility (37.4% of total revenue).
- Details: Offers premium and standard ride options, with dynamic pricing.
- GrabTaxi:
- Description: Taxi-hailing service integrating licensed taxis.
- Revenue Contribution: Part of Mobility (37.4% of total revenue).
- Details: Enhances urban mobility by pooling taxi supply.
- GrabBike:
- Description: Motorcycle ride-hailing service.
- Revenue Contribution: Part of Mobility (37.4% of total revenue).
- Details: Popular in traffic-heavy cities, offering quick and affordable rides.
- GrabShare:
- Description: Carpooling service for group travel.
- Revenue Contribution: Part of Mobility (37.4% of total revenue).
- Details: Launched in 2024, supports multiple stops and fare-sharing.
- GrabPay:
- Description: Digital wallet and payment solution.
- Revenue Contribution: Part of Financial Services (9.0% of total revenue).
- Details: Facilitates transactions across Grab’s ecosystem and external merchants.
- GrabFinance (GrabFin):
- Description: Lending and financing services for partners.
- Revenue Contribution: Part of Financial Services (9.0% of total revenue).
- Details: Includes term loans and factoring, with a $536 million loan portfolio in 2024.
- GrabRewards:
- Description: Loyalty program for user engagement.
- Revenue Contribution: Part of Financial Services (9.0% of total revenue).
- Details: Rewards points for transactions, driving user retention.
- GXS Bank:
- Description: Digital bank in Singapore.
- Revenue Contribution: Part of Financial Services (9.0% of total revenue).
- Details: Offers savings accounts, debit cards, and FlexiLoan, with restricted operations since 2023.
- GXBank:
- Description: Digital bank in Malaysia.
- Revenue Contribution: Part of Financial Services (9.0% of total revenue).
- Details: Provides savings accounts, FlexiCredit, and debit cards, operational since November 2023.
- GXS FlexiCard:
- Description: Interest-free credit card in Singapore.
- Revenue Contribution: Part of Financial Services (9.0% of total revenue).
- Details: Enhances financial inclusion with a S$500 credit limit.
- GrabMaps:
- Description: Mapping and location-based service.
- Revenue Contribution: Part of Others (0.1% of total revenue).
- Details: Supports navigation for Grab’s services and external businesses.
- GrabAds:
- Description: Advertising platform for businesses.
- Revenue Contribution: Part of Others (0.1% of total revenue).
- Details: Offers in-app and vehicle-based advertising solutions.
- GrabDefence:
- Description: Fraud detection and prevention solution.
- Revenue Contribution: Part of Others (0.1% of total revenue).
- Details: Ensures platform security and low fraud rates.
- GrabHealth:
- Description: Telemedicine and health services.
- Revenue Contribution: Part of Others (0.1% of total revenue).
- Details: Powered by Good Doctor Technology, enhancing healthcare access.
Revenue Breakup by Brand Category (2024):
| Brand Category | Revenue ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Deliveries Brands | 1,493 | 53.4% |
| Mobility Brands | 1,047 | 37.4% |
| Financial Services Brands | 253 | 9.0% |
| Others Brands | 4 | 0.1% |
| Total | 2,797 | 100% |
Geographical Presence
Grab operates in multiple Southeast Asian countries, with revenue contributions varying by market. Below is a detailed breakdown:
- Singapore:
- Description: Grab’s corporate headquarters and a key market for mobility, deliveries, and financial services. GXS Bank operates here under a digital banking license.
- Revenue Contribution (2024): $570 million, 20.4% of total revenue.
- Details: Strong presence in ride-hailing (GrabCar, GrabTaxi) and digital banking. Regulatory compliance includes the Personal Data Protection Act and MAS oversight.
- Indonesia:
- Description: A major market with dual headquarters in Jakarta. Operates through PT Bumi Cakrawala Perkasa for payments and other subsidiaries for mobility and deliveries.
- Revenue Contribution (2024): $1,050 million, 37.5% of total revenue.
- Details: GrabBike and GrabFood are highly popular, with significant growth in GrabPay and GrabFinance. Subject to regulations like MOT Regulation No. 12/2019.
- Malaysia:
- Description: Home to GXBank and Jaya Grocer, with strong mobility and delivery operations.
- Revenue Contribution (2024): $460 million, 16.4% of total revenue.
- Details: GXBank launched savings accounts and FlexiCredit in 2023, while Jaya Grocer supports GrabMart’s growth.
- Philippines:
- Description: Offers mobility (GrabCar, GrabBike) and deliveries (GrabFood, GrabExpress). Faces regulatory constraints under the 1987 Constitution.
- Revenue Contribution (2024): $320 million, 11.4% of total revenue.
- Details: Subject to BSP regulations for payment services and LTFRB for ride-hailing.
- Thailand:
- Description: Strong presence in mobility (GrabBike, GrabCar) and deliveries, with ride-hailing operator certification obtained in 2022.
- Revenue Contribution (2024): $280 million, 10.0% of total revenue.
- Details: Regulated by the Thai Foreign Business Act and Trade Competition Act.
- Vietnam:
- Description: Offers mobility and delivery services, with control over operating entities via contractual arrangements.
- Revenue Contribution (2024): $110 million, 3.9% of total revenue.
- Details: Subject to the Law on Road 2024 and Decree 137 for digital platform operators.
- Other Countries:
- Description: Includes smaller markets like Cambodia, where Grab supports initiatives like Transform Cambodia.
- Revenue Contribution (2024): $7 million, 0.3% of total revenue.
- Details: Limited operations with focus on social impact programs.
Revenue Breakup by Geography (2024):
| Country | Revenue ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Indonesia | 1,050 | 37.5% |
| Singapore | 570 | 20.4% |
| Malaysia | 460 | 16.4% |
| Philippines | 320 | 11.4% |
| Thailand | 280 | 10.0% |
| Vietnam | 110 | 3.9% |
| Others | 7 | 0.3% |
| Total | 2,797 | 100% |
Financial Statements
Below are the consolidated financial statements for Grab Holdings Limited for the year 2024, presented in tables.
Consolidated Statement of Financial Position (As at December 31, 2024)
| Item ($ millions) | 2024 | 2023 |
|---|---|---|
| Assets | ||
| Property, plant and equipment | 567 | 512 |
| Right-of-use assets | 138 | 143 |
| Intangible assets and goodwill | 2,827 | 2,786 |
| Loan receivables | 431 | 272 |
| Trade and other receivables | 241 | 208 |
| Cash and cash equivalents | 2,964 | 3,138 |
| Other assets | 2,127 | 1,933 |
| Total Assets | 9,295 | 8,792 |
| Equity and Liabilities | ||
| Share capital and share premium | 23,279 | 22,632 |
| Accumulated losses | (17,300) | (17,030) |
| Other reserves | 186 | 66 |
| Non-controlling interest | 54 | 49 |
| Total Equity | 6,219 | 5,717 |
| Bank loans | 206 | 177 |
| Lease liabilities | 158 | 165 |
| Trade payables and other liabilities | 2,693 | 2,733 |
| Other liabilities | 19 | 0 |
| Total Liabilities | 3,076 | 3,075 |
| Total Equity and Liabilities | 9,295 | 8,792 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Year Ended December 31, 2024)
| Item ($ millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 2,797 | 2,359 | 1,433 |
| Cost of revenue | (1,623) | (1,499) | (1,492) |
| Gross Profit | 1,174 | 860 | (59) |
| Other income | 113 | 103 | 52 |
| Sales and marketing expenses | (273) | (234) | (202) |
| Research and development expenses | (258) | (269) | (282) |
| General and administrative expenses | (468) | (469) | (573) |
| Other expenses | (39) | (294) | (1,054) |
| Net impairment losses on financial assets | (62) | (45) | (31) |
| Net finance income/(costs) | 81 | 60 | (353) |
| Share of loss of equity-accounted investees | (8) | (12) | (16) |
| Loss Before Income Tax | (260) | (301) | (1,709) |
| Income tax expense | (10) | (14) | (20) |
| Loss for the Year | (270) | (315) | (1,729) |
| Other comprehensive income/(loss) | (50) | (40) | 30 |
| Total Comprehensive Loss | (320) | (355) | (1,699) |
Consolidated Statement of Cash Flows (Year Ended December 31, 2024)
| Item ($ millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Loss before income tax | (260) | (301) | (1,709) |
| Adjustments for non-cash items | 350 | 387 | 647 |
| Changes in working capital | 117 | (174) | (182) |
| Income taxes paid | (58) | (38) | (42) |
| Net Cash from/(used in) Operating Activities | 149 | (126) | (1,286) |
| Cash Flows from Investing Activities | |||
| Purchase of property, plant and equipment | (110) | (85) | (70) |
| Net proceeds from/(investment in) financial assets | (250) | (1,017) | (750) |
| Other investing activities | 30 | 25 | 20 |
| Net Cash used in Investing Activities | (330) | (1,077) | (800) |
| Cash Flows from Financing Activities | |||
| Proceeds from issuance of shares | 50 | 40 | 30 |
| Repayment of loans and borrowings | (36) | (1,000) | (1,000) |
| Other financing activities | (7) | (10) | (152) |
| Net Cash used in Financing Activities | 7 | (970) | (1,122) |
| Net increase/(decrease) in cash | (174) | (2,173) | (3,208) |
| Cash and cash equivalents at January 1 | 3,138 | 1,952 | 5,160 |
| Cash and Cash Equivalents at December 31 | 2,964 | 3,138 | 1,952 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Grab operates through a network of subsidiaries and associates, with varying ownership structures. Below is a comprehensive list:
- Grab Holdings Inc.:
- Country: Cayman Islands
- Ownership: 100%
- Details: The parent holding company, overseeing global operations.
- Revenue Contribution: Consolidated in group revenue ($2,797 million in 2024).
- Grab Inc.:
- Country: Cayman Islands
- Ownership: 100%
- Details: A wholly-owned subsidiary managing strategic operations.
- Revenue Contribution: Consolidated in group revenue.
- A2G Holdings Inc.:
- Country: Cayman Islands
- Ownership: 100%
- Details: Supports financial services operations.
- Revenue Contribution: Consolidated in Financial Services segment (9.0% of total revenue).
- AA Holdings Inc.:
- Country: Cayman Islands
- Ownership: 100%
- Details: Manages regional investments and partnerships.
- Revenue Contribution: Consolidated in group revenue.
- MyTeksi Sdn. Bhd.:
- Country: Malaysia
- Ownership: 100%
- Details: Operates mobility services under the original MyTeksi brand.
- Revenue Contribution: Part of Malaysia’s revenue (16.4% of total revenue).
- GrabCar Pte. Ltd.:
- Country: Singapore
- Ownership: 100%
- Details: Manages ride-hailing operations in Singapore.
- Revenue Contribution: Part of Singapore’s revenue (20.4% of total revenue).
- PT Bumi Cakrawala Perkasa (BCP):
- Country: Indonesia
- Ownership: 82.8% (with dual-class structure for majority voting control)
- Details: Operates payment system services, including GrabPay.
- Revenue Contribution: Part of Indonesia’s revenue (37.5% of total revenue).
- Jaya Grocer Holdings Sdn. Bhd.:
- Country: Malaysia
- Ownership: 75%
- Details: Operates grocery retail and supports GrabMart. Consolidated due to contractual control.
- Revenue Contribution: Part of Malaysia’s revenue (16.4% of total revenue).
- GrabTaxi (Thailand) Co., Ltd.:
- Country: Thailand
- Ownership: 100%
- Details: Manages taxi-hailing services.
- Revenue Contribution: Part of Thailand’s revenue (10.0% of total revenue).
- Grab Philippines:
- Country: Philippines
- Ownership: 100%
- Details: Operates mobility and delivery services under regulatory constraints.
- Revenue Contribution: Part of Philippines’ revenue (11.4% of total revenue).
- Grab Vietnam:
- Country: Vietnam
- Ownership: Controlled via contractual arrangements
- Details: Operates through voting thresholds, not direct equity ownership.
- Revenue Contribution: Part of Vietnam’s revenue (3.9% of total revenue).
- GXS Bank Pte. Ltd.:
- Country: Singapore
- Ownership: 60% (joint venture)
- Details: Operates digital banking services, including FlexiLoan and savings accounts.
- Revenue Contribution: Part of Financial Services segment (9.0% of total revenue).
- GXBank Berhad:
- Country: Malaysia
- Ownership: 60% (joint venture)
- Details: Provides digital banking services, including FlexiCredit.
- Revenue Contribution: Part of Financial Services segment (9.0% of total revenue).
Associates:
- OVO (PT Visionet Internasional):
- Country: Indonesia
- Ownership: Minority stake (exact percentage not specified)
- Details: A digital payments platform, with Grab’s investment made in 2018.
- Revenue Contribution: Not directly consolidated; supports Financial Services segment.
Revenue Breakup by Subsidiary Contribution (2024):
| Subsidiary/Region | Revenue ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Indonesia (incl. BCP) | 1,050 | 37.5% |
| Singapore (incl. GrabCar, GXS Bank) | 570 | 20.4% |
| Malaysia (incl. Jaya Grocer, GXBank) | 460 | 16.4% |
| Philippines | 320 | 11.4% |
| Thailand | 280 | 10.0% |
| Vietnam | 110 | 3.9% |
| Others | 7 | 0.3% |
| Total | 2,797 | 100% |
Physical Properties
Grab’s physical assets include offices and leased properties, primarily in Singapore and Indonesia, where it is dual-headquartered. Below are the details:
- Singapore Headquarters:
- Location: 3 Media Close, #01-03/06, Singapore 138498
- Description: Corporate headquarters housing administrative, product development, and data analytics teams. Includes leased office spaces.
- Details: Right-of-use assets valued at $138 million in 2024, part of total property, plant, and equipment of $567 million. The facility supports Grab’s global operations and digital banking (GXS Bank).
- Indonesia Headquarters:
- Location: Jakarta, Indonesia
- Description: Co-headquarters managing operations in Grab’s largest market. Includes leased office spaces for administrative and operational functions.
- Details: Part of the $567 million property, plant, and equipment, with a focus on supporting PT Bumi Cakrawala Perkasa and other subsidiaries.
- Other Regional Offices:
- Locations: Malaysia (Kuala Lumpur), Philippines (Manila), Thailand (Bangkok), Vietnam (Ho Chi Minh City), and other cities.
- Description: Leased offices for local operations, including mobility, deliveries, and financial services teams.
- Details: Contribute to the $138 million right-of-use assets, with no significant owned properties. Grab relies on flexible leasing to accommodate growth.
- GrabKitchen Facilities:
- Locations: Multiple cities across Southeast Asia
- Description: Cloud kitchens for food delivery, leased to optimize logistics.
- Details: Included in property, plant, and equipment, supporting the Deliveries segment.
- Data Centers and IT Infrastructure:
- Description: Leased server spaces and IT equipment for the superapp’s technology platform.
- Details: Part of the $567 million property, plant, and equipment, critical for scalability and reliability.
Grab does not own significant real estate, relying on leased properties to maintain flexibility. The company believes additional or alternative spaces will be available to support future growth.
Founders Details
Grab was founded by Anthony Tan Ping Yeow, who serves as the Chairman and Chief Executive Officer. Below are comprehensive details:
- Name: Anthony Tan Ping Yeow
- Role: Chairman and Chief Executive Officer
- Background: Anthony Tan founded Grab (originally MyTeksi) in 2012, inspired by a vision to improve transportation safety and accessibility in Southeast Asia. He has led the company’s transformation into a superapp, overseeing its expansion into deliveries, financial services, and enterprise offerings.
- Education: Holds a degree from Harvard Business School.
- Contributions: Tan is a key executive with significant influence over Grab’s strategic direction. He holds Class B ordinary shares, granting him substantial voting power through a dual-class structure. His leadership has driven Grab’s public listing on Nasdaq in 2021 and its digital banking initiatives.
- Ownership: Owns a significant portion of Class B ordinary shares through entities like Hibiscus Worldwide Ltd., with voting rights detailed in the Shareholders’ Deed.
- Other Details: Tan is a member of the nominating committee and has an employment agreement with Grab, including indemnification provisions. His vision emphasizes economic empowerment and social impact in Southeast Asia.
No other founders are explicitly named in the document, indicating Tan’s primary role in establishing and leading Grab.
Board of Directors
Grab’s board of directors comprises a mix of executive and independent directors, with a majority-independent structure. Below is a detailed list:
- Anthony Tan Ping Yeow:
- Role: Chairman and Chief Executive Officer
- Details: Leads strategic and operational decisions. Member of the nominating committee. Holds significant voting power via Class B shares.
- Background: Founded Grab in 2012, with a Harvard Business School education.
- Ng Shin Ein:
- Role: Independent Director
- Details: Serves on the audit and nominating committees. Joined the board in November 2020.
- Background: Extensive experience in corporate governance and investments in Asia.
- David Loh:
- Role: Independent Director
- Details: Member of the nominating committee, contributing to board appointments and governance.
- Background: Expertise in regional business operations and strategy.
- Other Directors (Not Named Individually):
- Details: The board includes additional independent directors to ensure a majority-independent structure, as noted in the governance framework. They oversee audit, compensation, and nominating committees, focusing on financial controls, executive compensation, and board nominations.
- Background: Collectively, directors bring expertise in technology, finance, and regulatory compliance, aligning with Grab’s complex operational needs.
The board oversees cybersecurity risk, internal audit functions, and equity compensation plans, ensuring compliance with Nasdaq governance requirements.
Investment Details
Grab has made strategic investments to bolster its ecosystem:
- OVO (PT Visionet Internasional):
- Country: Indonesia
- Investment: Minority stake acquired in 2018
- Details: A digital payments platform enhancing GrabPay’s reach. Not consolidated in financial statements but supports Financial Services growth.
- Jaya Grocer Holdings Sdn. Bhd.:
- Country: Malaysia
- Investment: 75% ownership acquired
- Details: Supports GrabMart’s grocery delivery, with over 38,000 SKUs and one million loyalty program members.
- Kudo (rebranded as GrabKios):
- Country: Indonesia
- Investment: Acquired in 2017
- Details: An agent network company integrated into Grab’s delivery services.
Investment Contribution to Revenue (2024):
| Investment | Revenue Contribution ($ millions) | Percentage of Total Revenue |
|---|---|---|
| Jaya Grocer (GrabMart) | Part of Deliveries (1,493) | 53.4% |
| OVO (GrabPay) | Part of Financial Services (253) | 9.0% |
| Kudo (GrabKios) | Part of Deliveries (1,493) | 53.4% |
Future Investment Plans
Grab’s future investment plans focus on expanding its digital banking and financial services, enhancing technology, and strengthening its ecosystem:
- Digital Banking Expansion: Continue scaling GXS Bank in Singapore and GXBank in Malaysia, with plans to introduce new products like FlexiCredit and increase loan disbursements. The company aims to drive synergies between digital banking and other segments.
- Technology Investments: Invest in AI and machine learning to optimize marketplace algorithms, enhance GrabMaps, and improve GrabDefence for fraud prevention.
- Regional Expansion: Explore opportunities in new Southeast Asian markets while deepening presence in existing ones, particularly Indonesia and Malaysia.
- Partnerships and Acquisitions: Pursue strategic alliances with regional banks and potential acquisitions to bolster financial services and delivery capabilities.
- Sustainability Initiatives: Invest in programs like Transform Cambodia and other social impact projects to enhance community engagement and mitigate environmental impact.
- Regulatory Compliance: Allocate resources to navigate evolving regulations, including data protection, competition laws, and digital platform requirements in Vietnam and Indonesia.
These plans aim to drive revenue growth, reduce net losses, and achieve profitability while maintaining Grab’s position as a leading superapp in Southeast Asia.
