Grab narrows losses for Q1 FY2022, driven by mobility, food and grocery verticals

NEW YORK-LISTED Grab narrowed losses for the first quarter ended Mar 31, reporting a loss of US$435 million from US$666 million a year prior.

Revenue grew 6 per cent to US$228 million from US$216 million; this came on the back of growth in its food and grocery business segment with the Jaya Grocer acquisition, as well as a rebound in the mobility segment. (*see amendment note)

Anthony Tan, the company’s chief executive officer, said: “Our first-quarter results are a testament to the resilience of South-east Asia’s economy as we moved past the worst of the pandemic restrictions. We are optimistic that our business will continue to strengthen as more countries pivot to living with Covid-19.”