SINGAPORE: Ride hailing giant Grab recorded a net loss of US$815 million in the second quarter of 2021, up from US$718 million in the same period last year.
Revenue grew 132 per cent year-on-year to US$180 million, the company said in a news release as it reported its Q2 results on Tuesday (Sep 14).
Grab said its quarterly total gross merchandise value (GMV), a metric used to measure transaction volumes, jumped 62 per cent to a record US$3.9 billion.
GMV for deliveries grew 58 per cent to US$2.1 billion, representing 53 per cent of total GMV. The GMV for mobility rose 93 per cent to US$685 million.
The growth came in spite of governments tightening movement restrictions on the back of the COVID-19 pandemic, it said.
Registered GrabFood merchants more than doubled year-on-year in Q2 2021, compared to the same period in 2020. Registered GrabPay merchants nearly tripled.
The company said its financial service segment achieved “another record quarter” for Total Payments Volume of US$2.9 billion, a 66 per cent increase from Q2 2020.
“Our deliveries business continues to outperform and is growing rapidly, with the addition of new offerings such as GrabMart and GrabSupermarket, and we expect to continue investing heavily in this segment,” Peter Oey, Grab’s Chief Financial Officer, said.
Revenues for deliveries was US$45 million, up 92 per cent year-on-year.
In September, Grab launched GrabSupermarket in the Philippines, its third online supermarket in the region after Malaysia and Singapore. It plans to set up another one in one more country before the end of the year.
Ten new GrabKitchens are also expected to be launched this year. The company is piloting new dine-in solutions, such as one that allows dine-in users to browse the menu, place their orders and pay through the app.