Grab's revenue expected to double in 2019

As ride-hailing giant Grab integrates Uber's regional business and expands into bike-sharing and digital payments, the company expects to double its revenue in 2019 from more than US$1 billion (S$1.38 billion) this year. 

The company is looking to build an "everyday app" that provides services from ride-hailing to food delivery and other day-to-day consumer services, such as finance and healthcare. 

Co-founder Hooi Ling Tan said at Bloomberg's Sooner Than You Think conference in Singapore, that Grab is on track to raise US$3 billion of funding before the end of this year. This includes US$1 billion from Toyota Motor – it is also the Japanese automaker’s biggest investment in ride-hailing to date.

Singapore-based Grab is expanding rapidly throughout a South-east Asian region home to more than 600 million people, leveraging a much bigger network after buying out Uber’s operations in the region this year.

Photo courtesy: Grab SG
Photo courtesy: Grab SG

“There’s more greenfield than in any other region in the world because technology hasn’t been able to truly shape the lives of the South-east Asia region yet,” Ms Tan said. Grab also aims to increase its operational presence in Indonesia, moving fast against Jakarta-based Go-Jek. 

Earlier this year in March, Grab launched GrabCycle, a marketplace for bike-sharing services, as well as e-scooter rental service Popscoot. “There’s a huge opportunity right now. We can decide to invest, go big now, just so that we can reap the market that’s ripe vis-a-vis growing organically and slower,” Ms Tan said. 

“We want to set up a multi-generation company,” she added. 

CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.