Grab Cements Its Position as Southeast Asia's Leading Superapp, Delivers Record-Breaking Q4 and Full Year 2024 Results
Grab, the region's leading superapp, has delivered a stellar performance in its fourth quarter and full year 2024 results, solidifying its position as the go-to platform for millions of users and partners across Southeast Asia.
The company reported an acceleration in on-demand Gross Merchandise Value (GMV) to 20% year-on-year, driven by its relentless execution on product and tech-led initiatives. This growth was fueled by new records set in transacting users on Grab, thanks to features such as Saver Rides and Priority Deliveries across all markets.
Grab's strong top-line growth, combined with ongoing cost discipline across its business units, enabled the company to scale its platform in a profitable manner. The result was a first full year of positive group adjusted EBITDA of $313 million, which came in at the upper end of upgraded guidance, and positive full-year adjusted free cash flow of $136 million, an improvement of $370 million year-on-year.
Anthony Tan, Grab's CEO, highlighted that the company has achieved strong product market fit with features such as Saver Rides and Priority Deliveries across all markets. He emphasized that this has driven a new record of transacting users on Grab and is expected to maintain its on-demand GMV growth momentum in 2025.
Grab's FinTech segment also showed promise, with the loan book growing to $536 million and revenue reaching $74 million. However, EBITDA losses were slightly higher on a quarter-on-quarter basis. Alexander Hungate, Grab's President and Chief Operating Officer, attributed this to increased spending in areas such as user acquisition and marketing.
The company is confident that it will see an inflection point towards profitability in its FinTech segment, citing continued growth in its loan book and revenue. With a balanced approach to drive further expansion of its adjusted EBITDA and adjusted free cash flow, Grab is well-positioned to maintain its position as the leading superapp in Southeast Asia.
Grab's commitment to innovation and customer satisfaction has driven its success, and the company remains focused on evolving its product strategy to harness the power of its ecosystem. With a strong foundation laid in 2024, Grab is poised for continued growth and expansion in 2025.
