Ride-hailing and food delivery brand Grab is attempting to put the COVID-hit last two years behind it and "demonstrate the resilience and growing relevance of its super app."
The Singapore-based company posted revenue of $675 million for the 2021 financial year, up by 44% on the previous 12 months.
Despite a return to happier figures on the revenue front, Grab is still running at a huge lost, seeing the figure increase from $2.7 billion in 2020 to $3.6 billion last year.
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Losses went from $635 million in the fourth quarter in 2020 to $1.1 billion in the corresponding three months of 2021.
The company says the loss, in part, wasdue to a $1.6 billion convertible note that expired upon its listing on the public markets, as well a one-off $353 million charge related to the same Special Acquisition Company-led IPO.
An important metric for the company, gross merchandize value, is up 29% year-over-year to $16.1 billion.
It expects GMV growth to accelerate to 30%-35% between the second and fourth quarters of 2022, with EBITDA breaking even for the first time in food delivery by June 2023.
Grab claims it is the market leader in Southeast Asia for ride-hailing, food delivery services and e-wallter payments, with its mobilty unit accounting for 71% of the market and just over half (51%) for online food ordering.
Group CEO and co-founder Anthony Tan says: "Southeast Asians are relying more and more on the Grab superapp for a multitude of daily needs. 56% of our users are now using two or more Grab services and the average user spend on our platform in 2021 grew 31% year-over-year.
"We expect 2022 to be another watershed year for Grab, as we get ready to launch our digibank in Singapore, and continue to pursue the massive opportunities in deliveries to outserve consumers with more options and better convenience."