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 in June laid off around 360 employees or almost 5% of its headcount, after slashing discretionary spending. The company’s key ride-hailing business had been hit hard as countries, including biggest market Indonesia, implemented lockdown measures.
Grab, Southeast Asia's biggest start-up, is now valued at over $15 billion, according to a source familiar with the matter, up from a previous estimated valuation of over $14 billion. (reut.rs/3ohzAu4)
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.
Reporting by Anshuman Daga and Aradhana Aravindan; editing by Mark Potter and Jason Neely
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