Strong on-demand GMV growth and expanding financial services drove the Singapore-based superapp past its guidance range.

Total Revenue Growth and Guidance Achievement

Grab Holdings reported full-year 2024 revenue of $2.77 billion, an 18.6% increase from $2.34 billion in FY2023, surpassing the company's own guidance range of $2.70 billion to $2.75 billion that management had issued with its FY2023 results. On a constant currency basis, which strips out the effect of foreign exchange fluctuations across Grab's Southeast Asian markets, revenue grew 21% year-on-year to $2.797 billion, according to the company's official earnings release.

The outperformance reflects sustained demand across Grab's core on-demand services and a growing contribution from its financial services and advertising verticals. The full-year on-demand gross merchandise value (GMV)—which combines mobility and delivery transactions—rose 16% year-on-year to $18.36 billion, or 19% on a constant currency basis, re-accelerating from the 14% constant currency growth recorded in FY2023. Revenue growth also outpaced GMV expansion, a signal that Grab is capturing a higher take rate as it layers on new product features and advertising revenue.

Segment Breakdown – Mobility, Deliveries, and Financial Services

Mobility generated $1.05 billion in revenue in FY2024, up 20.2% year-on-year, powered by a 22.5% jump in Mobility GMV to $6.64 billion. The segment benefited from rising domestic demand and a recovery in cross-border tourism across Southeast Asia. Mobility MTUs grew 23% year-on-year in the fourth quarter alone.

Deliveries, Grab's largest revenue segment, contributed $1.49 billion in FY2024, an increase of 14.0% year-on-year. More critically, Deliveries GMV growth re-accelerated to 13% year-on-year (16% on a constant currency basis), compared to just 4% growth in FY2023. This acceleration was driven by product innovations including Saver and Priority delivery tiers, which accounted for a third and 9% of Deliveries transactions respectively in Q4 2024, up from 23% and 6% in the year-ago period. Management noted that both MTUs and transactions in the Deliveries segment reached all-time highs during Q4 2024.

Financial services revenue grew the fastest among Grab's business lines, rising 37.2% year-on-year to $253 million in FY2024, as the company deepened penetration of digital lending, payments, and insurance products across its user base. Other revenue was negligible at $4 million.

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Operational Metrics and Profitability Improvement

Grab's full-year on-demand GMV reached $18.36 billion in FY2024, with Deliveries GMV contributing $11.72 billion and Mobility GMV accounting for $6.64 billion. The company's monthly transacting users (MTUs) grew across both segments, with Mobility MTUs rising 23% year-on-year in Q4 2024, signaling that Grab's affordability initiatives are expanding the addressable user base rather than merely deepening spending among existing users.

Profitability metrics showed significant improvement. Grab reduced its net loss by 67% year-on-year to $158 million in FY2024, driven by improvements in Group Adjusted EBITDA, lower restructuring costs, and reduced share-based compensation expenses. Non-cash charges included $279 million in share-based compensation, $147 million in depreciation and amortisation, and $8 million in losses from equity-accounted investees.

Segment-level profitability improved markedly, particularly in Deliveries, where Adjusted EBITDA grew 140% to $196 million from $81 million in FY2023. The improvement reflects both scale benefits from higher GMV and a reduction in incentive spending. On-Demand incentives as a proportion of On-Demand GMV fell to 9.7% in Q1 2024 from 10.7% in Q1 2023, demonstrating management's focus on reducing cost-to-serve while maintaining marketplace health.

Mobility segment profitability also strengthened, with Adjusted EBITDA of $138 million in Q1 2024 alone, up 41% year-on-year, as revenue growth outpaced incentive costs in a recovering travel environment.

Forward Outlook and Seasonality

Management guided for FY2025 group revenue of $3.33 billion to $3.40 billion and Adjusted EBITDA of $440 million to $470 million, implying continued margin expansion as the company scales. The revenue guidance midpoint of $3.365 billion would represent approximately 21% growth from FY2024's $2.77 billion, assuming constant currency conditions hold.

However, Grab's CFO Peter Oey cautioned during the earnings call that Q1 2025 will see softer GMV and revenue growth due to the clustering of Lunar New Year and the Ramadan fasting period in the same quarter—events that typically alter commuting patterns and food delivery demand. Management expects a sharp recovery in Q2 2025 and has urged investors to focus on full-year guidance rather than quarterly variability.

The seasonal guidance highlights a structural shift in Grab's demand profile: while festive periods compress activity into shorter windows, they also demonstrate the platform's increasing integration with daily consumption habits across Southeast Asia's diverse calendar of holidays and observances. The re-acceleration of Deliveries GMV in FY2024, built on product-led initiatives rather than broad incentive spending, provides a foundation for sustained top-line growth in FY2025.