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.
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