Grab's revenue breached US$1b mark: report

But it still has no plans to breakeven.

Citing Mandarin news site Yicai, DealStreetAsia reports that Grab's annual revenue has crossed US$1b, as said by Grab president Ming Maa himself.

According to the report, despite crossing US$1b in annual revenue, the company has not considered breaking even. Maa said the company continues to invest heavily in financial services and has not yet considered profitability.

“This year is a critical year for the entire industry but the acquisition of Uber gives us a competitive edge in Southeast Asia,” Maa was quoted as saying.

Moreover, Grab has been expanding at a rapid pace. Within a year, it has expanded into 162 new Southeast Asian cities. It has also acquired rival Uber's Southeast Asian operations.

Read the full report here.