“Southeast Asians are relying more and more on the Grab superapp for a multitude of daily needs. 56% of our users are now using two or more Grab services and the average user spend on our platform in 2021 grew 31% year over year,” Anthony Tan, Group CEO and co-founder of Grab, said in a press release on Thursday (March 3).
Tan added that Grab is launching a digibank in Singapore this year and will continue searching for new opportunities to better serve its customers.
See also: Grab’s Super-Sized SPAC IPO Underscores The Rise Of The Super App
Gross merchandise volume (GMV) went up by 29% year over year to hit $16.1 billion, with the fourth quarter up 26% to reach $4.5 billion, the fourth consecutive record quarter. Revenue — net of consumer, merchant and driver-partner incentives — went up 44% YoY to $675 million. Fourth-quarter revenue was $122 million, down 44% YoY.
Loss for 2021 was $3.6 billion and for the fourth quarter, $1.1 billion. Both figures include one-time non-cash interest expenses related to Grab’s shares.
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Average monthly transacting users (MTUs) for 2021 were 24.1 million, down 2% YoY, mostly because of third-quarter lockdowns due to the delta and omicron variants of COVID-19. Grab closed out 2021 with 27.7 million MTUs in December 2021, more than any other month last year.
Read more: Grab Goes Public as Super-App Competition in SE Asia Heats Up
Full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) declined 8% to $(842) million YoY. Fourth-quarter EBITDA was down was down by $203 million YoY to $(305) million.
Founded in 2012 as a regional ride-hailing app in Malaysia, Grab has since added food and grocery delivery, mobile banking and payments and operates a super app across Southeast Asia.
