Grab’s revenue for the year 2022 has exceeded its own guidance, marking a significant milestone for the Southeast Asian ride-hailing and delivery giant. According to its financial report, the company’s revenue grew from $122 million in 2021 to $502 million in 2022, representing a staggering 310% improvement. Meanwhile, its losses were narrowed by up to 64%, dropping from $1.1 billion in 2021 to $391 million in 2022.
Grab CEO and Co-Founder, Anthony Tan, attributes the company’s success to several factors, including optimizing mobility demand, decreasing the cost-to-serve, maximizing costs, and innovating products and services for increased customer engagement. These measures have helped the company to perform beyond its expectations.
Peter Oey, the Grab CFO, added that the ease in Covid-19 restrictions has also played a crucial role in the company’s growth. As people are now going out to work and travel more, they are availing more of Grab’s services. However, mobility is still only at 74% compared to pre-Covid levels, indicating that there is still more room for growth.
Alex Hungate, the Grab COO, also shared some insights on the company’s future plans. He stated that Grab is currently improving its GrabShare service in the Philippines and has partnered with WeChat to better service Chinese travelers. This partnership aims to provide Chinese tourists with an easy and convenient way to access Grab’s ride-hailing and delivery services while visiting Southeast Asia.
Apart from these developments, Grab’s delivery revenue has also seen a significant boost in the last quarter of 2022, reaching $268 million compared to just $1 million in the same period in 2021. This was primarily due to Grab’s acquisition of Jaya Grocer, a Malaysian premium supermarket chain, which shifted Grab’s model from delivering the products and services to being the one providing them.
Grab’s remarkable revenue growth and reduced losses are a testament to the company’s resilience and adaptability in a challenging market. With its continued efforts to optimize its services and expand its reach, Grab is well-positioned to maintain as a leading ride-hailing and delivery company in Southeast Asia.