SINGAPORE (Reuters) – Singapore’s Grab, which has evolved from a ride-hailing app operator to offer services such as food delivery and insurance, said on Thursday its third-quarter group revenue had risen to more than 95% of pre-COVID-19 levels.
“Our business recovery continues steadily, with Q3 group revenues climbing to over 95% of pre-COVID-19 levels,” Ming Maa, president of Grab, said in an emailed newsletter update on the company’s business.
Softbank-backed Grab, the region’s biggest start-up with a valuation of over $14 billion, in June laid off around 360 employees or almost 5% of its headcount, after slashing discretionary spending.
Maa said Grab’s food business now generates more than 50% of its revenue, reflecting increased demand for food delivery.
“Having laid this foundation, we will focus on expanding our financial services and merchant services business through the rest of the year and beyond,” he said.
Grab, which is yet to turn profitable, had received a $200 million investment from South Korean private equity firm STIC Investments, Maa said.
Grab recently announced the official launch of its second GrabKitchen in Singapore. GrabKitchen provides merchant-partners with more opportunities to increase their footprint and test new concepts at lower costs, while offering them with immediate access to Grab’s user base. It also provides merchants with new incremental sales channels through features like mix-and-match where merchants can reach a new segment of customers who do group ordering for their family or friends.
(Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Mark Potter and Jason Neely)