Grab Holdings Limited (GRAB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios digitales del sudeste asiático, Grab Holdings Limited ha revolucionado la movilidad urbana y los ecosistemas digitales con su innovadora plataforma de múltiples servicios. Desde la transformación del transporte a través del transporte hasta interrupciones hasta la entrega de alimentos y los servicios financieros, Grab se ha convertido en una potencia tecnológica que conecta a millones de usuarios en todo 8 países. Esta exploración integral de lienzo de modelo de negocio revela cómo Grab ha construido estratégicamente un modelo comercial robusto e interconectado que aprovecha la tecnología, las ideas locales del mercado y las soluciones centradas en el consumidor para crear un valor sin precedentes en la economía digital en rápido evolución de la región.

Grab Holdings Limited (Grab) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con comerciantes locales, restaurantes y tiendas de conveniencia

A partir de 2024, Grab tiene asociaciones estratégicas con más de 500,000 socios comerciales en el sudeste asiático. En Singapur, la compañía tiene acuerdos de colaboración con el 75% de los establecimientos locales de alimentos y bebidas.

Categoría de socio	Número de socios	Alcance geográfico
Restaurantes	250,000	8 países del sudeste asiático
Tiendas de conveniencia	35,000	Singapur, Malasia, Indonesia
Comerciantes minoristas	215,000	En todo el sudeste asiático

Asociaciones con instituciones financieras

Grab ha establecido asociaciones financieras con 12 bancos principales en el sudeste asiático para los servicios de GrabPepay y Digital Wallet.

• DBS Bank (Singapur)
• Banco CIMB (Malasia)
• Banco de Asia Central (Indonesia)
• Banco Unido en el extranjero

Colaboración con fabricantes de automóviles

Fabricante	Enfoque de asociación	Tipos de vehículos
Toyota	Arrendamiento de vehículos	Vehículos híbridos y eléctricos
Hyundai	Programa de vehículos de conducir	Sedanes y autos compactos

Asociaciones tecnológicas

Grab tiene colaboraciones tecnológicas con proveedores de mapeo y compañías de servicios de navegación, que incluyen:

• Google Maps
• OpenStreetMap
• Aquí tecnologías

Cooperación de la agencia gubernamental

Grab mantiene asociaciones regulatorias con las autoridades de transporte en:

• Autoridad de transporte terrestre (Singapur)
• Ministerio de Transporte (Malasia)
• Ministerio de Transporte Indonesio

Estas asociaciones cubren las regulaciones de transporte, la licencia de conductores y los estándares de servicio de movilidad.

Grab Holdings Limited (Grab) - Modelo de negocio: actividades clave

Servicios de transporte y transporte

A partir del cuarto trimestre de 2023, Grab operó en 8 países del sudeste asiático. El volumen total de servicios de transporte alcanzó los 215.7 millones de viajes en 2023.

Métricas de transporte	2023 datos
Total de paseos	215.7 millones
Países atendidos	8
Usuarios activos mensuales	32.4 millones

Plataforma de entrega de alimentos

El segmento de entrega de alimentos de Grab procesó 324.1 millones de pedidos en 2023, con un valor bruto de mercancía de $ 4.2 mil millones.

• Pedidos totales de entrega de alimentos: 324.1 millones
• Valor de mercancía bruta: $ 4.2 mil millones
• Socios del restaurante: más de 250,000

Pago digital y servicios financieros

Transacciones procesadas de GrabPay por un total de $ 12.6 mil millones en 2023, con 22.7 millones de usuarios activos mensuales.

Métricas de servicios financieros	2023 datos
Valor de transacción total	$ 12.6 mil millones
Usuarios activos mensuales	22.7 millones

Logística y entrega de paquetes

Grab Logistics manejó 168.3 millones de entregas de paquetes en 2023, con un ingreso logístico total de $ 763 millones.

• Entregas totales del paquete: 168.3 millones
• Ingresos logísticos: $ 763 millones
• Países de entrega: 8

Mejora de la plataforma de tecnología

Grab invirtió $ 487 millones en investigación y desarrollo en 2023, centrándose en tecnologías de IA y aprendizaje automático.

Inversión tecnológica	2023 datos
Gastos de I + D	$ 487 millones
Tamaño del equipo tecnológico	2.300 ingenieros

Grab Holdings Limited (Grab) - Modelo de negocio: recursos clave

Tecnología móvil avanzada y plataforma de software patentada

La infraestructura tecnológica de Grab incluye:

• Descargas de aplicaciones móviles: 189 millones de descargas de aplicaciones acumulativas a partir del tercer trimestre 2023
• Plataforma de tecnología que admite múltiples verticales de servicio: movilidad, entrega, servicios financieros

Métrica de tecnología	Datos cuantitativos
Inversión tecnológica anual	$ 412 millones en 2022
Tamaño del equipo de ingeniería de software	Más de 3.000 ingenieros
Transacciones de plataforma diaria	Aproximadamente 9,4 millones de transacciones

Gran red de conductores, comerciantes y proveedores de servicios

El ecosistema de Grab comprende:

• Total de pilotos: 2.1 millones en todo el sudeste asiático
• Socios comerciales: más de 450,000 comerciantes activos
• Cobertura de servicio: 480 ciudades en 8 países

Reconocimiento de marca fuerte

Métricas de posicionamiento de marca:

• Cuota de mercado en el viaje del sudeste asiático: 60%
• Valoración de la marca: $ 15.5 mil millones a partir de 2023

Capital de riesgo significativo y financiación de los inversores

Ronda de financiación	Cantidad recaudada	Año
Financiación total	$ 13.2 mil millones	Acumulativo a 2023
Inversión de SoftBank	$ 4.5 mil millones	2021
Inversión de Uber Technologies	$ 700 millones	2018

Análisis de datos y capacidades de aprendizaje automático

Detalles de la infraestructura de datos:

• Procesamiento diario de datos: 5.2 petabytes
• Modelos de aprendizaje automático: más de 250 modelos activos
• Equipo de ciencia de datos: más de 600 profesionales

AI/ml Métrica de rendimiento	Datos cuantitativos
Precisión predictiva	87.4% en todos los servicios de plataforma
Personalización en tiempo real	93% de personalización de la experiencia del usuario

Grab Holdings Limited (Grab) - Modelo de negocio: propuestas de valor

Servicios de transporte convenientes a pedido

A partir del cuarto trimestre de 2023, Grab reportó 9.1 millones de usuarios activos mensuales en los servicios de transporte en el sudeste asiático. La plataforma ofrece servicios de transporte con un costo promedio de conducción de $ 4.50 USD.

Tipo de servicio	Usuarios activos mensuales	Valor de transacción promedio
Arbitrar	5.3 millones	$4.75
Arbitraje	3.8 millones	$3.25

Plataforma múltiple

Grab opera en múltiples verticales de servicio con la siguiente penetración del mercado:

• Transporte: 9.1 millones de usuarios activos mensuales
• Entrega de alimentos: 6.5 millones de usuarios activos mensuales
• Servicios financieros: 3.2 millones de usuarios activos

Soluciones digitales asequibles

La estrategia de precios de Grab demuestra tarifas competitivas en todos los servicios:

Servicio	Costo promedio	Comparación de mercado
Transporte	$4.50	15% por debajo de las tarifas de taxi tradicionales
Entrega de alimentos	$3.25	10% más bajo que los competidores

Experiencia de usuario perfecta

Métricas de rendimiento de la aplicación móvil de Grab:

• Descargas de aplicaciones: descargas acumulativas de 194 millones
• Calificación promedio de la aplicación: 4.6/5 estrellas
• Tiempo de transacción promedio: 2.3 minutos

Servicios localizados del sudeste asiático

Cobertura de mercado en los países del sudeste asiático:

País	Usuarios activos	Cobertura de servicio
Singapur	2.1 millones	Servicios de plataforma completa
Malasia	3.4 millones	Servicios de plataforma completa
Indonesia	5.6 millones	Servicios de plataforma completa
Filipinas	4.2 millones	Servicios de plataforma completa
Tailandia	2.8 millones	Servicios de plataforma completa

Grab Holdings Limited (Grab) - Modelo de negocio: relaciones con los clientes

Atención al cliente basada en aplicaciones móviles

Grab proporciona atención al cliente en la aplicación 24/7 a través de su aplicación móvil. A partir de 2023, la plataforma maneja aproximadamente 3.4 millones de boletos de soporte mensualmente en todo el sudeste asiático.

Canal de soporte	Tiempo de respuesta	Tasa de resolución
Chat en la aplicación	Menos de 15 minutos	92.7%
Soporte por correo electrónico	24-48 horas	88.3%

Programas de fidelización y sistemas de recompensas

Programa de lealtad de Grab, Guarnición, tiene más de 38 millones de miembros activos a partir del cuarto trimestre de 2023.

• Tasa de conversión de puntos: 1 punto por SGD 1 gastado
• Tasa de redención de recompensa: el 67% de los miembros redimen activamente los puntos
• Puntos promedio acumulados por usuario mensualmente: 450 puntos

Calificaciones de los usuarios y mecanismos de retroalimentación

La plataforma de Grab mantiene un sistema integral de calificación de usuario en todos los servicios.

Categoría de servicio	Calificación promedio de usuario	Tasa de respuesta de retroalimentación
Transporte	4.75/5	94%
Entrega de alimentos	4.6/5	91%

Recomendaciones de servicio personalizadas

Grab utiliza un algoritmo de personalización impulsado por la IA que genera recomendaciones para el 82% de los usuarios activos.

• Tasa de aceptación de recomendación personalizada: 45%
• Número promedio de sugerencias personalizadas por usuario: 7 por mes
• Precisión del modelo de aprendizaje automático: 86%

Participación comunitaria a través de plataformas digitales

Grab mantiene la participación activa de la comunidad digital en múltiples plataformas.

Plataforma	Total de seguidores	Tasa de compromiso mensual
Facebook	2.3 millones	6.5%
Instagram	1.7 millones	5.2%
Gorjeo	890,000	3.8%

Grab Holdings Limited (Grab) - Modelo de negocio: canales

Aplicación de teléfonos inteligentes móviles

A partir del cuarto trimestre de 2023, la aplicación móvil de Grab reportó 35.4 millones de usuarios activos mensuales en el sudeste asiático. La aplicación admite servicios en 9 países como Singapur, Malasia, Indonesia, Filipinas, Tailandia, Vietnam, Camboya y Myanmar.

Métrica de plataforma	2023 datos
Descargas totales de aplicaciones	279 millones de descargas acumulativas
Calificación de la tienda de aplicaciones	4.2/5 en plataformas iOS y Android
Volumen de transacción anual	$ 13.4 mil millones procesados ​​a través de la aplicación móvil

Plataforma de sitio web

Grab mantiene plataformas web para múltiples categorías de servicios que incluyen entrega de alimentos, transporte y servicios financieros.

• Tráfico del sitio web: 24.6 millones de visitantes únicos mensuales
• Participación de la transacción de la plataforma web: 17.3% de las transacciones totales
• Países con plataformas web dedicadas: 6 países

Marketing en redes sociales

Groad aprovecha los canales de redes sociales para la participación y el marketing del cliente.

Plataforma social	Recuento de seguidores
Facebook	4.2 millones de seguidores
Instagram	1.8 millones de seguidores
LinkedIn	387,000 seguidores

Redes de referencia de socios

El ecosistema de socios de Grab incluye colaboraciones estratégicas en múltiples sectores.

• Red total de socios: 2.3 millones de socios registrados
• Socios comerciales: 562,000 restaurantes y negocios
• Partners de controladores: 1.9 millones de conductores registrados

Campañas de marketing y promoción en la aplicación

La estrategia de marketing en la aplicación de Grab se centra en promociones personalizadas y participación del usuario.

Métrica de campaña	2023 rendimiento
Campañas promocionales totales	1.247 campañas dirigidas
Tasa promedio de participación del usuario	42.6% de participación en la campaña
Valor de descuento promocional	$ 287 millones descuentos promocionales totales

Grab Holdings Limited (Grab) - Modelo de negocio: segmentos de clientes

Viajeros urbanos y profesionales

A partir del cuarto trimestre de 2023, Grab atiende a aproximadamente 13.4 millones de usuarios activos mensuales en todo el sudeste asiático. Los ingresos del segmento de transporte alcanzaron los $ 273 millones en 2023.

Segmento	Demografía de usuarios	Penetración del mercado
Profesionales urbanos	Edades 25-45	68% de la base total de usuarios
Viajeros diarios	Rango de ingresos $ 1,500- $ 4,000	72% en las principales áreas metropolitanas

Consumidores de entrega de alimentos

El segmento de entrega de alimentos de Grab procesó 385 millones de pedidos en 2023, con un valor de transacción total de $ 1.2 mil millones.

• Valor de pedido promedio: $ 3.50
• Usuarios diarios de entrega de alimentos activos: 4.2 millones
• Socios del restaurante: más de 250,000

Propietarios y comerciantes de pequeñas empresas

Grab admite 500,000 pequeñas y medianas empresas a través de su plataforma, con servicios comerciales que generan $ 156 millones en 2023.

Categoría de comerciante	Número de socios	Ingresos mensuales promedio
Restaurantes	180,000	$2,300
Tiendas minoristas	95,000	$1,800
Servicios	65,000	$1,500

Demografía más joven experta en digital

Los usuarios de entre 18 y 34 años constituyen el 62% de la base de usuarios totales de Grab, con 8.3 millones de usuarios en este segmento.

• Penetración de teléfonos inteligentes: 95%
• Adopción de la billetera digital: 73%
• Uso promedio de la aplicación mensual: 12.5 sesiones

Proveedores de servicios de transporte

La red de controladores de Grab incluye 2.1 millones de conductores registrados en todo el sudeste asiático, generando $ 512 millones en ganancias del conductor en 2023.

Tipo de vehículo	Número de conductores	Ganancias mensuales promedio
Taxi de la motocicleta	850,000	$480
Transporte de coche	750,000	$650
Conductores de entrega	500,000	$420

Grab Holdings Limited (Grab) - Modelo de negocio: Estructura de costos

Gastos de adquisición y retención del conductor

En el tercer trimestre de 2023, Grab informó gastos relacionados con el conductor de $ 124 millones. La compañía asigna recursos significativos a los incentivos y bonos de los conductores.

Categoría de gastos	Cantidad (USD)
Incentivos del conductor	$ 78 millones
Incorporación del conductor	$ 32 millones
Programas de retención de conducir	$ 14 millones

Infraestructura y mantenimiento de la tecnología

Grab invirtió $ 156 millones en infraestructura tecnológica durante 2023.

• Gastos de computación en la nube: $ 62 millones
• Costos de desarrollo de software: $ 54 millones
• Inversiones de ciberseguridad: $ 40 millones

Costos de marketing y adquisición de clientes

Canal de marketing	Gasto (USD)
Publicidad digital	$ 45 millones
Programas de referencia	$ 28 millones
Marketing en redes sociales	$ 19 millones

Desarrollo de plataforma e inversiones de innovación

Gastos totales de I + D en 2023: $ 92 millones

• AI y aprendizaje automático: $ 38 millones
• Desarrollo de tecnología de pago: $ 34 millones
• Investigación de vehículos autónomos: $ 20 millones

Gastos generales operativos y administrativos

Categoría de gastos generales	Costo anual (USD)
Salarios de los empleados	$ 210 millones
Mantenimiento de la oficina	$ 18 millones
Gastos administrativos	$ 42 millones

Estructura de costos totales para 2023: aproximadamente $ 622 millones

Grab Holdings Limited (Grab) - Modelo de negocio: flujos de ingresos

Comisión de servicios de transporte

En el tercer trimestre de 2023, Grab informó ingresos por segmento de transporte de $ 172 millones, con una tasa de comisión promedio de 20-25% por transacción.

Categoría de servicio	Ingresos (tercer trimestre de 2023)	Porcentaje de comisión
Paseos en coche privados	$ 86 millones	22%
Paseos en motocicleta	$ 45 millones	25%
Servicios de taxi	$ 41 millones	20%

Tarifas de servicio de entrega de alimentos

Los ingresos por entrega de alimentos en 2023 alcanzaron $ 384 millones, con una comisión promedio de 25-30% por pedido.

• Valor de pedido promedio: $ 12.50
• Total de pedidos mensuales de entrega de alimentos: 48 millones
• Tasa de comisión comercial: 25-30%

Cargos de transacción de pago digital

GrabPay procesó $ 6.2 mil millones en volumen de pago total en 2023, generando $ 124 millones en ingresos por transacciones.

Tipo de pago	Volumen de transacción	Ganancia
Transferencias de pares	$ 1.8 mil millones	$ 36 millones
Pagos comerciales	$ 4.4 mil millones	$ 88 millones

Servicios financieros y productos de préstamo

Los servicios financieros de Grab generaron $ 215 millones en 2023, con productos de microdicendios y seguros.

• Micro-loans emitidos: $ 780 millones
• Ingresos del producto de seguro: $ 65 millones
• Tamaño promedio del préstamo: $ 350

Publicidad y asociaciones promocionales

Los ingresos por publicidad alcanzaron $ 92 millones en 2023, aprovechando la base de usuarios de la plataforma de 180 millones de usuarios activos mensuales.

Categoría publicitaria	Ganancia	Porcentaje de total
Publicidad en la aplicación	$ 52 millones	56.5%
Asociaciones patrocinadas	$ 40 millones	43.5%

Grab Holdings Limited (GRAB) - Canvas Business Model: Value Propositions

You're looking at the core value Grab Holdings Limited offers across its diverse user base as of late 2025. It's about integration, access, and efficiency, all wrapped into one platform.

Consumers: A Single Super-app for Mobility, Delivery, and Financial Needs

For consumers, the value is the convenience of a single application that handles multiple daily needs. This integration drives higher engagement; data shows that users engaging with multiple services spend approximately 4x more than those using a single service. This flywheel effect is evident in the platform's scale, with Group Monthly Transacting Users reaching an all-time high, powering the ecosystem. The On-Demand Gross Merchandise Value (GMV) reflects this stickiness, accelerating to $5.8 billion in the third quarter of 2025.

• Group Monthly Transacting Users reached an all-time high in Q2 2025.
• On-Demand GMV grew 24% YoY to $5.8 billion in Q3 2025.
• Cross-service users spend 4x more than single-service users.

Driver-Partners: Flexible Earning Opportunities and Access to Lending Services

Driver-partners value the platform for providing flexible earning opportunities, which is critical in the gig economy. The platform's ability to scale demand directly translates to partner availability; for instance, monthly active drivers grew 18% year-over-year in the first quarter of 2025. Beyond driving, Grab Holdings Limited extends value through its financial arm, offering access to credit where traditional banking might fall short. This is a key differentiator for this segment.

Merchant-Partners: Access to a Large Customer Base and a Growing Advertising Platform

For merchant-partners, Grab Holdings Limited offers immediate access to a massive, engaged customer base across mobility and delivery. The Deliveries segment GMV alone reached $3,733 million in the third quarter of 2025. Furthermore, the platform monetizes this traffic through advertising; the advertising business attracted 191,000 monthly active advertisers, a 49% year-over-year increase in Q1 2025. This advertising revenue as a percentage of Deliveries GMV expanded to 1.7% in Q1 2025.

Affordability: Saver Products and Ecosystem Features like Grab Unlimited

Affordability is a direct lever for user acquisition and retention. The GrabUnlimited subscription plan is a prime example of delivering predictable value, particularly around delivery fees. In one market, Grab Philippines reported that GrabUnlimited subscribers jumped more than 200% since its launch. Similarly, the introduction of products like GrabCar SAVER, which offers reduced fares of up to 15%, targets price-sensitive users. This focus on value helps shield the platform from macro pressures, as noted by the CFO.

Financial Inclusion: Digital Banking and Lending Services for the Underbanked

The Financial Services segment is a major value driver, specifically targeting the underbanked population in Southeast Asia. The lending component is robust, with total loans disbursed growing to $886 million in Q3 2025. The total loan portfolio outstanding stood at $821 million at the end of Q3 2025, with management on track for it to exceed $1 billion by year-end. Prudent risk management is reflected in the low non-performing loan ratio, which was reported at 1.8% in Q2 2025. Digital banking also captures value, with customer deposits growing to $1,543 million in Q2 2025.

Here's a quick look at the scale of the Financial Services value proposition as of mid-to-late 2025:

Metric	Value (Latest Reported Period)	Period
Financial Services Revenue	$90 million	Q3 2025
Total Loans Disbursed	$886 million	Q3 2025
Total Loan Portfolio Outstanding	$821 million	Q3 2025
Non-Performing Loan Ratio	1.8%	Q2 2025
Customer Deposits (Digital Banking)	$1,543 million	Q2 2025

Finance: draft 13-week cash view by Friday.

Grab Holdings Limited (GRAB) - Canvas Business Model: Customer Relationships

You're managing relationships across a platform serving nearly 50 million active users in late 2025, so the approach has to be heavily digitized and scaled. Grab Holdings Limited relies on technology to manage the vast majority of its customer interactions, reserving high-touch service for its most valuable partners.

Automated, in-app self-service and high-volume digital support form the first line of defense. With Group Monthly Transacting Users (MTUs) hitting 47.7M in Q3 2025, deflecting simple queries to in-app help centers and automated chatbots is critical for cost control and speed. This digital-first approach helps manage the sheer volume of daily transactions across Mobility, Deliveries, and Financial Services without ballooning support overheads. Honestly, if a user needs to call someone for a simple order modification, the system isn't working as intended.

The core retention mechanism is the revamped loyalty offering. Grab rebranded its GrabRewards programme to GrabCoins across Southeast Asia in late 2025, rolling out broader earning mechanics across all services. This ecosystem integration is designed to keep users transacting within the platform, as a dollar spent with Grab is intended to be more valuable than a dollar spent elsewhere. For context, members of loyalty programs generally generate 12-18% more incremental revenue growth per year than non-members. The Malaysian loyalty market itself is projected to reach US$471.7 million in 2025, showing the value placed on these programs in the region. You can see the structure and recent engagement drivers below.

Relationship Metric	Data Point / Value	Context / Source of Data
Group MTUs (Q3 2025)	47.7M	Reflects the scale of the user base interacting with loyalty features.
GrabCoins Conversion	1:1	Existing GrabRewards points converted to GrabCoins.
GrabCoins Validity (Starting Jan 2026)	Six-month period	Designed to encourage more frequent redemption and engagement.
Group Order Reward	3% back	Incentive for multi-person food orders, driving cross-service use.
Advertiser Self-Serve Platform Growth (Q1 2025)	49% YoY increase in monthly active advertisers to 191,000	Indicates the scale of digital self-service adoption by merchant-partners.

For the high-value end of the partner spectrum, Grab maintains a more personal touch. Dedicated account management for large merchant-partners and advertisers is executed by specialized teams, such as those managing Regional Strategic Accounts for QSR and F&B partners. These managers build long-term partnerships aligned with joint business plans, using data-driven account plans to unlock potential across Grab's eight markets. Similarly, larger or higher-volume restaurants may be assigned a Dedicated Account Manager to discuss fee structures and optimization. This high-touch approach supports the overall revenue, which hit $873M in Q3 2025.

The product-led growth strategy is evident in features designed to organically deepen user engagement. The Group Orders feature, for example, offers users 3% back in GrabCoins for orders involving at least three people. This simple mechanic encourages users to take on organizational roles within their social or work circles, increasing transaction frequency and basket size across the Deliveries vertical. Also, the rollout of Partner Apps, allowing users to book services like eSIMs or car-sharing without leaving the main app, deepens platform stickiness by expanding utility beyond core ride and delivery services.

Finance: draft 13-week cash view by Friday.

Grab Holdings Limited (GRAB) - Canvas Business Model: Channels

You're looking at how Grab Holdings Limited actually gets its value proposition into the hands of its users and partners; it's all about the digital pipeline. The entire model hinges on a few core, interconnected applications that serve as the central nervous system for Southeast Asia's largest super-app ecosystem.

The Grab Mobile Super-App (Primary Channel for All Services)

The main gateway is the Grab mobile super-app itself. This is where the vast majority of transactions originate, whether you're booking a ride, ordering food, or accessing financial tools. The scale here is significant, showing deep user engagement across the platform.

For the third quarter of 2025, the On-Demand Gross Merchandise Value (GMV) hit $5.8 billion, which was a 24% year-over-year (YoY) acceleration. This volume was supported by a 16% YoY growth in Monthly Transacting Users (MTUs) and a 27% YoY increase in the total number of On-Demand transactions for Q3 2025. To keep this engine running, total incentives for the quarter were $585 million, representing 10.1% of the On-Demand GMV.

Looking at the Mobility segment specifically from Q1 2025, the Mobility GMV rose 17% to SGD $1.8 billion, with monthly active drivers growing 18% YoY, showing the channel's capacity to scale supply.

GrabPay and GrabFin Digital Wallets and Payment Gateways

GrabPay is the critical payment channel, deeply embedded across all services and extending to offline merchants. It drives stickiness; honestly, cross-service users spend 4x more than single-service users, which is a massive multiplier for the wallet.

Based on Q2 2025 figures, GrabPay's Total Payment Volume (TPV) reached approximately $5.8 billion, marking a 38% surge YoY. The merchant side of this channel is also expanding, with merchant adoption of GrabPay rising 25% YoY in Q2 2025. The financial services revenue, which heavily relies on this payment infrastructure via GrabFin, hit $90 million in Q3 2025, a 39% YoY increase.

Here is a snapshot of the Financial Services segment performance, which flows through GrabFin and the digital banks, as reported for Q3 2025:

Metric	Q3 2025 Amount	YoY Change
Financial Services Revenue	$90 million	39%
Total Loans Disbursed	$886 million	56%
Total Loan Portfolio Outstanding	$821 million	65%

Dedicated Driver and Merchant-Partner Applications

While the consumer-facing app is the most visible, the dedicated apps for drivers and merchants are the essential supply and acceptance channels. Without them, the core service proposition collapses. Driver retention is key to maintaining service quality on the road.

In Q1 2025, Grab reported that monthly active drivers grew 18% compared to the same period the previous year, and driver retention remained high at 90%. For merchants, the channel strength is visible in the advertising revenue growth for the Deliveries segment, which saw a 23% revenue increase in Q3 2025, bolstered by increased GMV and advertising revenue, suggesting strong partner engagement with the platform's commercial tools.

Digital Banks (GXS Bank, GXBank) for Financial Services Distribution

The digital banks, GXS Bank in Singapore and GXBank in Malaysia, act as specialized, regulated channels for distributing lending and deposit products directly to the ecosystem users. This leverages the existing customer base for high-margin financial products. The strategy is definitely scaling up, as anticipated.

As of Q3 2025, customer deposits across both GXS Bank and GXBank reached $1.31 billion. Looking at the scale achieved by the end of 2024, the combined GXS Group (including Superbank in Indonesia) had onboarded over 3 million customers, with GXBank in Malaysia alone recording over 750,000 customers since its launch, supported by an investment of RM1.5 billion into its growth. The total deposit base for the GXS Group (Singapore and Malaysia) grew 240% to S$1.7 billion for FY2024.

The distribution success is clear from the loan portfolio growth, which is a direct result of these banking channels pushing credit products to the user base.

• GXS Bank in Singapore saw its flagship GXS FlexiLoan product double the number of loans disbursed from the year before (as of end-2024).
• More than 90% of GXBank customers in Malaysia were ecosystem customers in 2024.
• In Singapore, as at the end of 2024, more than 8 in 10 GXS Bank customers were also customers of Grab and Singtel.

Grab Holdings Limited (GRAB) - Canvas Business Model: Customer Segments

You're looking at the core user base that fuels Grab Holdings Limited's entire ecosystem. This isn't just about one service; it's about the density and frequency of users across mobility, deliveries, and financial services. Here are the hard numbers from the latest reports as of late 2025.

• Mass-market consumers in Southeast Asia seeking on-demand services.
• Driver-partners and delivery riders seeking flexible income.
• Small-to-medium enterprises (SMEs) and restaurants (merchant-partners).
• Users engaging across multiple service verticals, driving ecosystem value.

The consumer base is growing, which is the foundation for everything else. In the third quarter of 2025, Grab Holdings Limited reported its Group Monthly Transacting Users (MTUs) reached 48 million. This represents a significant scale, with On-Demand MTUs growing by 16% year-over-year in Q3 2025.

The supply side-the partners-is also expanding to meet this demand, hitting new highs. The platform is actively managing a large network of providers:

Partner Segment	Key Metric (Q3 2025)	Data Point
Driver-Partners (Mobility Supply)	Monthly Active Driver Supply Growth	17% year-over-year increase, reaching a sequential all-time high.
Deliveries Merchant-Partners	Average Earnings Growth	Increased by 12% year-over-year.
Merchant-Partners (Total Ecosystem)	Total Ecosystem Count	Approximately 600,000 merchant-partners.
Merchant-Partners (Advertising)	Quarterly Active Advertisers Growth	Increased 15% year-over-year.

The merchant segment is increasingly monetizable through advertising, showing deeper engagement from SMEs and restaurants. The total number of quarterly active advertisers on the self-serve platform hit 228,000 in Q3 2025. Furthermore, the average spend from these advertisers showed strong growth, increasing by 41% year-over-year.

The value of the ecosystem is quantified by how many services a user employs. While the exact percentage you mentioned isn't in the latest filings, the data clearly shows the benefit of cross-service usage. For instance, in Q1 2025, it was noted that users engaging with multiple services spend approximately four times more than those using a single service. This cross-service integration is what helps Grab Holdings Limited deepen engagement and retention across its user base.

Grab Holdings Limited (GRAB) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep the Grab Holdings Limited engine running, which is a mix of variable, fixed, and investment costs. Honestly, for a platform this size, the variable costs tied directly to transactions are massive.

• High variable costs from driver and consumer incentives, totaling $585 million in Q3 2025.
• Cost of revenue, which includes expenses like cloud computing costs.
• Technology and R&D expenses, covering investments in areas like AI and mapping technology.
• Regional corporate costs, which saw optimization down to $86 million in Q1 2025.
• Expected credit loss (ECL) provisions, which rise as the lending business scales up.

The Cost of Revenue line item itself is substantial, reflecting the direct costs of running the marketplace. For the six months ended June 30, 2025, the Cost of Revenue was $914 million, up from $781 million in the prior year period as the businesses scaled. Partner incentives, which are costs related to drivers and merchants, were $455 million for that same six-month period. It's important to note that consumer incentives, which reduce revenue, are tracked separately from these direct costs.

Technology investment is a non-negotiable cost for Grab Holdings Limited, given the competitive landscape. For the twelve months ending September 30, 2025, Research and Development Expenses were reported at $430 million. These R&D costs support the internal technology infrastructure and the development of core technologies like mapping and payment systems.

Fixed overhead costs, like the regional corporate costs, show a trend of optimization, though they can fluctuate. While the company achieved a low of $86 million in Q1 2025, these costs ticked up to $95 million in Q3 2025. This shows the tightrope walk between maintaining operational efficiency and supporting growth across regions.

The Financial Services segment introduces a specific type of cost that is directly tied to credit risk. The growth in the loan book directly impacts the Expected Credit Loss (ECL) provisions. For instance, in Q3 2025, Financial Services Segment Adjusted EBITDA losses were negative $28 million, primarily driven by higher ECL provisions as the loan book was scaled. To give you a broader view of the impact on financial assets, Net impairment losses on financial assets for the six months ended June 30, 2025, reached $66 million.

Here's a quick look at how some of these key cost components stack up across recent periods:

Cost Component	Period/Date	Amount (USD)
Total Incentives (Variable Cost Proxy)	Q3 2025	$585 million
Cost of Revenue	6M ended Jun 30, 2025	$914 million
Partner Incentives (Component of Cost)	6M ended Jun 30, 2025	$455 million
R&D Expenses (LTM)	As of Sep 30, 2025	$430 million
Regional Corporate Cost	Q1 2025	$86 million
Regional Corporate Cost	Q3 2025	$95 million
Net Impairment Losses on Financial Assets (ECL Proxy)	6M ended Jun 30, 2025	$66 million

The ongoing investment in technology is a structural cost that feeds future value, but you have to watch the variable costs closely. If onboarding takes 14+ days, churn risk rises, which could mean higher incentives are needed to maintain volume.

• Technology and R&D expenses cover salaries, materials, and overhead for innovation.
• Cost of revenue includes direct operational expenses like cloud computing.
• ECL provisions are a direct result of the growth strategy in the Financial Services segment.
• Incentives are managed as a percentage of Gross Merchandise Value (GMV) to balance growth and margin.

Finance: draft 13-week cash view by Friday.

Grab Holdings Limited (GRAB) - Canvas Business Model: Revenue Streams

You're looking at how Grab Holdings Limited actually brings in the money, which is key to understanding their path to sustained profitability. The revenue streams are definitely diversifying beyond just the core transactional take-rate.

The most substantial portion still comes from commissions and fees generated across the On-Demand segments, which includes Mobility (ride-hailing) and Deliveries Gross Merchandise Value (GMV). For the third quarter of 2025, the total On-Demand GMV hit $5.8 billion. Deliveries GMV was $3,733 million that quarter, bringing in $465 million in revenue, while Mobility GMV reached $2,041 million, contributing $317 million in revenue. That's a lot of transactions flowing through the platform.

Here's a quick look at how the core On-Demand segments stacked up in Q3 2025:

• Deliveries Revenue: $465 million
• Mobility Revenue: $317 million
• Total On-Demand GMV: $5.8 billion

The Financial Services segment is growing fast, which is defintely a major focus area for Grab Holdings Limited. Revenue from Financial Services, which covers lending and digital payments, grew a strong 39% year-over-year in Q3 2025, reaching $90 million. This growth is heavily supported by lending, where total loan disbursals in Q3 2025 hit $886 million. The total loan portfolio at the end of that quarter stood at $821 million, and management is on track for that portfolio to exit the full year above $1 billion.

Advertising revenue is another increasingly important stream, showing strong monetization of the merchant base. In the second quarter of 2025, Advertising revenue reached an annualized run-rate of $236 million, marking a 45% year-over-year increase for that quarter. This revenue is primarily tied to the Deliveries segment, where ad revenue as a percentage of Deliveries GMV grew to 1.7% in Q2 2025 from 1.4% the prior year.

When you look at the full-year picture, management has tightened its Total Group Revenue projection for Fiscal Year 2025 to be between $3.38 billion and $3.40 billion. This updated guidance reflects the strong momentum seen across the business, including the Q3 revenue of $873 million.

The remaining components of the revenue stream structure include transaction fees from GrabPay and insurance premiums, which feed into the overall Financial Services revenue bucket. Here's a table summarizing the key revenue and GMV figures we have for the latest reported quarters:

Metric	Q3 2025 Value	Q2 2025 Value
Total Group Revenue	$873 million	$819 million
Financial Services Revenue	$90 million	(Not explicitly stated, but segment revenue grew 38% YoY in Q2)
Advertising Annualized Run-Rate	(Not stated for Q3)	$236 million
Deliveries GMV	$3,733 million	$3,471 million
Mobility GMV	$2,041 million	$1,883 million