TRANSPORT & LOGISTICS | Staff Reporter, Singapore

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

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.