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Grab Grab Reports Third Quarter 2021 Results November 11 , 2021 Grab Holdings Inc. , Southeast Asia's leading superapp , announced financial results for the third quarter ended September 30 , 2021 . • Gross Merchandise Value ( " GMV " ) reached a new quarterly record of $ 4.0 billion , up 32 % year - over - year ( " YoY " ) in spite of a challenging operating environment • Deliveries GMV grew 63 % YoY ; Grab expects a strong recovery in mobility heading into Q4 2021 • Average spend per user [ 1 ] on Grab's platform grew 43 % YoY to hit a record high • Revenue was $ 157 million , down 9 % YoY , as a result of a decline in mobility due to the severe lockdowns in Vietnam SINGAPORE & MENLO PARK , Calif . - November 11 , 2021 – Grab Holdings Inc. , Southeast Asia's leading superapp , today announced financial results for the third quarter ended September 30 , 2021 . " Despite severe lockdowns in Vietnam and heightened restrictions across the region in the third quarter due to COVID - 19 , we executed well on our superapp strategy and delivered strong growth , " said Anthony Tan , Group CEO and co - founder of Grab . " We achieved this even as we remained steadfast in our double bottom line commitment , including the launch of a new partnership with Mastercard to bring digital upskilling to millions of informal workers and small businesses in Southeast Asia . With recovery in sight , and the gradual reopening of economies providing tailwinds to our business , we are doubling down on investments that will help us capture a greater share of the opportunities in front of us and open up new addressable markets for Grab , such as groceries . " Peter Oey , Chief Financial Officer of Grab , commented , " We achieved another record quarter in GMV & TPV , and saw the average spend per user on our platform increase by 43 % year - over - year . This is testament to the resilience of the superapp business model , even in the face of what has been the most challenging quarter for us this year due to COVID - 19 . As previously guided , mobility and food delivery services were suspended in Vietnam for most of Q3 , and six of our core countries in which we operate experienced tighter movement controls . As we head into the fourth quarter we are already seeing mobility demand returning strongly in certain countries . Group Mobility GMV for the first four weeks of the fourth quarter [ 2 ] was 26 % higher compared to the first four weeks of the third quarter [ 3 ] . As we experience continued growth across our businesses we will remain disciplined in our operational execution and find ways to reduce our cost to serve , while accelerating the expansion of our ecosystem . " Third Quarter 2021 Financial and Operational Highlights • GMV grew 32 % YoY to reach $ 4.0 billion , a new record for Grab . Deliveries GMV grew 63 % YoY to reach $ 2.3 billion , which offset a 30 % YoY decline in mobility GMV due to lockdowns and movement restrictions in many of our markets caused by COVID - 19 and the Delta variant . • Gross Billings grew 41 % YoY to $ 616 million , also a new all - time high . • Revenue was $ 157 million , down 9 % YoY , as a result of the expected decline in mobility due to the severe lockdowns in Vietnam . Grab's reported revenue is net of consumer , merchant and driver - partner incentives . • Adjusted EBITDA of $ ( 212 ) million was down by $ 85 million YoY and up by $ 2 million QoQ . Adjusted EBITDA margins at ( 5.3 % ) of GMV remained consistent with the previous quarter at ( 5.5 % ) . Adjusted EBITDA in Q3 2021 was negatively impacted by a drop in mobility , which has been segment Adjusted EBITDA positive since Q4 2019 , as well as an increase in regional corporate costs as Grab continues to invest in product development and technology investments for the future . • Loss for the period grew by $ 366 million to $ ( 988 ) million . The YoY increase in losses during the third quarter was driven primarily by non - cash expenses . Grab's Q3 2021 loss includes $ 748 million in non - cash items . This primarily consists of interest accrued on Grab's convertible redeemable preference shares , stock based compensation and fair value changes on investments . A significant proportion of such non - cash expenses is expected to cease after the business combination . • Monthly Transacting Users ( " MTUS " ) declined by 8 % YoY , as a result of total lockdowns across Vietnam between July and September 2021 which saw both food delivery and ride - hailing services suspended . Normalized for Vietnam [ 4 ] , Grab estimates that MTUS would have grown to 24.8 million . • Average spend per user , defined as GMV per MTU , increased by 43 % YoY . • As of September 30 , 2021 , Grab had cash liquidity of $ 5.2 billion , an increase of $ 1.5 billion from $ 3.7 billion as of December 31 , 2020 .