- Grab recorded $62 million adjusted EBITDA in Q1, an all-time high.
- Company revised 2024 EBITDA guidance upwards to $250-270 million range.
- Revenue rose 24% YoY to $653 million across all segments.
Super App Soars to New Heights
Grab, the Southeast Asian super app, has reached a pivotal milestone, recording an all-time high adjusted EBITDA of $62 million for Q1 2024.
This remarkable achievement, a $129 million year-on-year improvement, has prompted the company to revise its 2024 adjusted EBITDA guidance upward, now ranging from $250 million to $270 million.
Anthony Tan, Grab’s co-founder and group CEO, attributed this success to the company’s focus on product-led growth, stating, “Our push on affordability and reliability is pulling more people onto our platform and driving up order frequency.”
On-demand gross merchandise value (GMV) scaled new heights despite seasonal impacts.
Financials Flex Fuels Growth Spree
Grab’s financial prowess extends further, with a $97 million repurchase of class A ordinary shares in March and a $497 million debt repayment on its term loan B.
Revenue for Q1 2024 rose by 24% year-on-year to $653 million, fueled by growth across all segments and reduced on-demand incentives.
Deliveries remained the largest revenue contributor at $350 million, while Mobility generated $247 million and the highest segment adjusted EBITDA of $138 million.
Financial services continue expanding, with recent moves phasing out the GrabPay card in favor of GXS digibank and introducing crypto top-ups for Singapore users.
To read the original article: https://www.techinasia.com/grab-records-alltime-adjusted-ebitda-high-q1
