Singapore’s Grab reports 79% rise in quarterly revenue on surge in demand

A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga

Aug 25 (Reuters) – Singapore's Grab Holdings Ltd reported a 79% rise in quarterly revenue on Thursday, powered by a surge in demand for rideshare as offices reopen across Southeast Asia.

Grab's investments in promotions for users and incentives for drivers paid off, and was helped by offices reopening, raising demand for rideshare in most major cities.

Grab said gross merchandise volume (GMV), a measure of transaction volume, rose 30% in the second quarter, driven largely by the strength of its delivery business.

Revenue at the Rideshare business rose 40% while that of Deliveries tripled.

Overall, revenue for the second quarter was $321 million.

Loss for the period narrowed to $572 million, from $801 million a year earlier.

Reporting by Nivedita Balu in Bengaluru; Editing by Krishna Chandra Eluri

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Source:www.reuters.com