Grab’s net sales in the first quarter rose 39% year-on-year to reach USD 507 million, hitting a new record. The increase was mainly driven by deliveries, according to the company’s first quarterly financial report released on Monday. Grab’s revenue was USD 216 million. It racked up USD 652 million in net losses, compared to USD 771 million in the first quarter of 2020.
In a statement, Grab CFO Peter Oey said the company exceeded its internal sales target for the first quarter of 2021. “We saw robust top-line growth, even compared to the first quarter of 2020 that saw limited impact from COVID-19, and took strides towards profitability. In the second quarter, we saw the continuing resilience and strong performance of our business, combined with disciplined operational execution,” he said.
The company is set to go public through a SPAC merger by the end of 2021, said group CEO Anthony Tan.
Grab’s gross merchandise value (GMV) grew 5% YoY to USD 3.6 billion. Its GMV for deliveries showed strong growth—49%—while the firm saw a 14% decline in its mobility business as a result of lockdowns and other restrictions in the region. Nonetheless, Grab said that its overall spend per user, defined as GMV per monthly transacting users, increased by 31%.
Grab’s app currently operates in more than 400 cities in eight countries in Southeast Asia. In the financial report, Grab said it was the most downloaded app and had the highest number of average smartphone monthly active users in the region.