Grab Holdings Ltd (NASDAQ: GRAB)

Grab Holdings Limited is Southeast Asia's leading superapp operating primarily across the deliveries, mobility and digital financial services sectors in over 900 cities across eight countries in the region—Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The platform enables millions of people each day to access driver- and merchant-partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance. Grab provides important high frequency hyperlocal consumer services through its integrated ecosystem. As part of its financial services offerings, the company also provides digital banking services through GXS Bank in Singapore and GXBank in Malaysia.

Grab generates the majority of its revenue from service fees and commissions paid by driver- and merchant-partners for use of the Grab superapp to connect them with consumers and facilitate transactions. Based on service agreements with driver- and merchant-partners, Grab retains the applicable fee or commission from the fare or order and related charges collected on behalf of the driver- and merchant-partners. The company also generates revenue from payment processing services transaction fees charged to merchant-partners. In the financial services segment, Grab earns revenue from interest income on loans extended to borrowers, factoring fees from purchasing receivables, and commissions from the sale of products and services. Consumer incentives and consumer rewards are recorded as reductions in revenue.

The company operates through the following segments: Deliveries, Mobility, Financial Services, and Others.

• Deliveries includes GrabFood, GrabMart, Dine Out, GrabExpress, and GrabKios. Through GrabAds, the company works with merchant-partners to provide promoted listings and banner advertisements enabling them to promote their businesses within the food and grocery delivery offerings on the platform and enhance their consumer reach.

• Mobility includes GrabCar, GrabTaxi, JustGrab, GrabBike, three-wheel vehicles, GrabShare, and GrabRentals. Through GrabRentals, the company utilizes Grab’s fleet of cars to provide one-stop car rental to driver-partners at affordable rates. Through GrabAds, it provides both online and offline advertising solutions, with the latter leveraging the vehicle fleet, such as in-car product placements and mobile billboards to generate mass awareness.

• Financial Services includes GrabPay, GrabCoins, GrabFin, GrabInsure, and OVO. The financial results of OVO, a leading Indonesian digital payments and smart financial services business, are consolidated in the financial results and included in the financial services segment. As part of financial services offerings, the company also provides digital banking services through GXS Bank in Singapore and GXBank in Malaysia. GXS Bank offers savings accounts, payment products (GXS Debit Card and GXS FlexiCard), and digital lending products (GXS FlexiLoan) to the public in Singapore. GXBank offers savings accounts, payment products (GX Bank Debit Card) and FlexiCredit, a revolving line of credit to the public in Malaysia.

• Others includes mapping services, autonomous vehicle services and last-mile delivery infrastructure. These operating business activities are not individually material.

Grab competes in intensely competitive segments and markets characterized by shifting user preferences, fragmentation and frequent introductions of new offerings. The company faces competition from single market and regional competitors and single segment and multiple segment players. Grab believes it is positioned favorably based on safety, value and breadth, depth and quality of offerings on its platform. The integration of offerings on its superapp platform provides consumers with one-stop access to everyday needs, differentiating it from many competitors. The company also believes it is positioned favorably based on the scale and breadth of its support for driver-partners, including technology-driven tools and services that enable them to increase their productivity and earnings. Grab believes it is positioned favorably based on the scale of the consumer base on its platform and demand fulfillment capabilities as well as its broad array of merchant tools and services that enable merchant-partners to launch and scale their businesses.

Grab serves over 47 million monthly transacting users in 2025 from a wide range of demographics and socio-economic backgrounds. The company’s driver-partners represent a diverse range of individuals across many different ethnicities and age groups. Its merchant-partners and Indonesian GrabKios agents range from local entrepreneurs, including small restaurants, convenience and grocery stores, to multinational franchises and lifestyle service providers, including hotels and travel agents. In 2025, 189,000 women and persons with disabilities earned an income through the Grab platform.