Grab Holdings Limited (Grab): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des services numériques d'Asie du Sud-Est, Grab Holdings Limited a révolutionné la mobilité urbaine et les écosystèmes numériques avec sa plate-forme multi-services innovante. De la transformation du transport à la rédaction à la perturbation de la livraison de nourriture et des services financiers, Grab est devenu une puissance technologique reliant des millions d'utilisateurs à travers 8 pays. Cette exploration complète du toile du modèle commercial révèle comment Grab a stratégiquement construit un modèle commercial robuste et interconnecté qui exploite la technologie, les idées du marché local et les solutions axées sur les consommateurs pour créer une valeur sans précédent dans l'économie numérique en évolution rapide de la région.

Grab Holdings Limited (Grab) - Modèle commercial: partenariats clés

Alliances stratégiques avec les commerçants locaux, les restaurants et les dépanneurs

En 2024, Grab a des partenariats stratégiques avec plus de 500 000 partenaires marchands à travers l'Asie du Sud-Est. À Singapour, la société a des accords de collaboration avec 75% des établissements locaux de nourriture et de boissons.

Catégorie de partenaire	Nombre de partenaires	Portée géographique
Restaurants	250,000	8 pays d'Asie du Sud-Est
Dépanneurs	35,000	Singapour, Malaisie, Indonésie
Marchands de détail	215,000	À travers l'Asie du Sud-Est

Partenariats avec les institutions financières

Grab a établi des partenariats financiers avec 12 grandes banques en Asie du Sud-Est pour les services GrabPay et Digital Wallet.

• DBS Bank (Singapour)
• Cimb Bank (Malaisie)
• Asie centrale bancaire (Indonésie)
• United Overseas Bank

Collaboration avec les constructeurs automobiles

Fabricant	Focus de partenariat	Types de véhicules
Toyota	Location de véhicules	Véhicules hybrides et électriques
Hyundai	Programme de véhicules conducteurs	Berlines et voitures compactes

Partenariats technologiques

Grab a des collaborations technologiques avec les fournisseurs de cartographie et les sociétés de services de navigation, notamment:

• Google cartes
• OpenStreetMap
• Ici Technologies

Coopération d'agence gouvernementale

Grab entretient des partenariats réglementaires avec les autorités de transport dans:

• Land Transport Authority (Singapour)
• Ministère des Transports (Malaisie)
• Ministère indonésien des transports

Ces partenariats couvrent les réglementations de transport, les licences de conducteur et les normes de service de mobilité.

Grab Holdings Limited (Grab) - Modèle d'entreprise: Activités clés

Services de covoiturage et de transport

Au quatrième trimestre 2023, Grab a opéré dans 8 pays à travers l'Asie du Sud-Est. Le volume total des services de transport a atteint 215,7 millions de trajets en 2023.

Métriques de transport	2023 données
Total des trajets	215,7 millions
Pays desservis	8
Utilisateurs actifs mensuels	32,4 millions

Plateforme de livraison de nourriture

Le segment de la livraison de nourriture de Grab a traité 324,1 millions de commandes en 2023, avec une valeur de marchandise brute de 4,2 milliards de dollars.

• Commandes totales de livraison de nourriture: 324,1 millions
• Valeur de marchandises brutes: 4,2 milliards de dollars
• Partners des restaurants: plus de 250 000

Paiement numérique et services financiers

Les transactions traitées par GrabPay totalisant 12,6 milliards de dollars en 2023, avec 22,7 millions d'utilisateurs actifs mensuels.

Métriques des services financiers	2023 données
Valeur totale de transaction	12,6 milliards de dollars
Utilisateurs actifs mensuels	22,7 millions

Logistique et livraison de colis

Grab Logistics a géré 168,3 millions de livraisons de forfait en 2023, avec un chiffre d'affaires logistique total de 763 millions de dollars.

• Total des livraisons de forfait: 168,3 millions
• Revenus logistiques: 763 millions de dollars
• Pays de livraison: 8

Amélioration de la plate-forme technologique

Grab a investi 487 millions de dollars dans la recherche et le développement en 2023, en se concentrant sur l'IA et les technologies d'apprentissage automatique.

Investissement technologique	2023 données
Dépenses de R&D	487 millions de dollars
Taille de l'équipe technologique	2 300 ingénieurs

Grab Holdings Limited (Grab) - Modèle commercial: Ressources clés

Technologie mobile avancée et plate-forme logicielle propriétaire

L'infrastructure technologique de Grab comprend:

• Téléchargements d'applications mobiles: 189 millions de téléchargements d'applications cumulatives au T3 2023
• Plateforme technologique Soutrant plusieurs services verticaux: mobilité, livraison, services financiers

Métrique technologique	Données quantitatives
Investissement technologique annuel	412 millions de dollars en 2022
Taille de l'équipe d'ingénierie logicielle	Plus de 3 000 ingénieurs
Transactions quotidiennes de plate-forme	Environ 9,4 millions de transactions

Grand réseau de moteurs, marchands et fournisseurs de services

L'écosystème de Grab comprend:

• Total des conducteurs: 2,1 millions à travers l'Asie du Sud-Est
• Partenaires marchands: plus de 450 000 marchands actifs
• Couverture des services: 480 villes dans 8 pays

Solide reconnaissance de la marque

Métriques de positionnement de la marque:

• Part de marché dans le covoiturage en Asie du Sud-Est: 60%
• Évaluation de la marque: 15,5 milliards de dollars à partir de 2023

Capital de capital-risque important et financement des investisseurs

Ronde de financement	Montant recueilli	Année
Financement total	13,2 milliards de dollars	Cumulatif à 2023
Investissement de la banque souple	4,5 milliards de dollars	2021
Investissement Uber Technologies	700 millions de dollars	2018

Analyse des données et capacités d'apprentissage automatique

Détails de l'infrastructure de données:

• Traitement quotidien des données: 5.2 Petaoctets
• Modèles d'apprentissage automatique: 250+ modèles actifs
• Équipe de science des données: 600+ professionnels

Métrique de performance AI / ml	Données quantitatives
Précision prédictive	87,4% entre les services de plate-forme
Personnalisation en temps réel	Personnalisation de l'expérience utilisateur à 93%

Grab Holdings Limited (Grab) - Modèle d'entreprise: propositions de valeur

Services de transport pratique et à la demande

Au quatrième trimestre 2023, Grab a rapporté 9,1 millions d'utilisateurs actifs mensuels dans les services de transport en Asie du Sud-Est. La plate-forme propose des services de tirage avec un coût moyen de 4,50 USD.

Type de service	Utilisateurs actifs mensuels	Valeur de transaction moyenne
Grabcar	5,3 millions	$4.75
Grabbike	3,8 millions	$3.25

Plate-forme multi-services

Grab fonctionne sur plusieurs services verticaux avec la pénétration du marché suivante:

• Transport: 9,1 millions d'utilisateurs actifs mensuels
• Livraison de nourriture: 6,5 millions d'utilisateurs actifs mensuels
• Services financiers: 3,2 millions d'utilisateurs actifs

Solutions numériques abordables

La stratégie de tarification de Grab démontre des tarifs compétitifs entre les services:

Service	Coût moyen	Comparaison du marché
Covoiturage	$4.50	15% en dessous des taux de taxi traditionnels
Livraison de nourriture	$3.25	10% inférieur aux concurrents

Expérience utilisateur sans couture

Métriques de performance de l'application mobile de Grab:

• Téléchargements d'applications: 194 millions de téléchargements cumulatifs
• Évaluation moyenne de l'application: 4,6 / 5 étoiles
• Temps de transaction moyen: 2,3 minutes

Services localisés en Asie du Sud-Est

Couverture du marché dans les pays d'Asie du Sud-Est:

Pays	Utilisateurs actifs	Couverture de service
Singapour	2,1 millions	Services de plate-forme complets
Malaisie	3,4 millions	Services de plate-forme complets
Indonésie	5,6 millions	Services de plate-forme complets
Philippines	4,2 millions	Services de plate-forme complets
Thaïlande	2,8 millions	Services de plate-forme complets

Grab Holdings Limited (Grab) - Modèle d'entreprise: Relations clients

Support client basé sur des applications mobiles

Grab fournit un support client intégré 24/7 via son application mobile. En 2023, la plate-forme gère environ 3,4 millions de billets de soutien par mois dans l'Asie du Sud-Est.

Canal de support	Temps de réponse	Taux de résolution
Chat dans l'application	Moins de 15 minutes	92.7%
Assistance par e-mail	24-48 heures	88.3%

Programmes de fidélité et systèmes de récompense

Programme de fidélité de Grab, Grabrewards, compte plus de 38 millions de membres actifs au quatrième trimestre 2023.

• Taux de conversion des points: 1 point par SGD 1 dépensé
• Taux de rachat de récompense: 67% des membres échangent activement les points
• Points moyens accumulés par utilisateur mensuellement: 450 points

Notes d'utilisateurs et mécanismes de rétroaction

La plate-forme de Grab conserve un système de notation utilisateur complet sur les services.

Catégorie de service	Évaluation moyenne de l'utilisateur	Taux de réponse à la rétroaction
Covoiturage	4.75/5	94%
Livraison de nourriture	4.6/5	91%

Recommandations de services personnalisés

Grab utilise l'algorithme de personnalisation axé sur l'IA qui génère des recommandations pour 82% des utilisateurs actifs.

• Taux d'acceptation des recommandations personnalisées: 45%
• Nombre moyen de suggestions personnalisées par utilisateur: 7 par mois
• Précision du modèle d'apprentissage automatique: 86%

Engagement communautaire via des plateformes numériques

Grab maintient l'engagement de la communauté numérique active sur plusieurs plateformes.

Plate-forme	Total des abonnés	Taux d'engagement mensuel
Facebook	2,3 millions	6.5%
Instagram	1,7 million	5.2%
Gazouillement	890,000	3.8%

Grab Holdings Limited (Grab) - Modèle d'entreprise: canaux

Application de smartphone mobile

Au quatrième trimestre 2023, l'application mobile de Grab a rapporté 35,4 millions d'utilisateurs actifs mensuels à travers l'Asie du Sud-Est. L'application prend en charge les services dans 9 pays, dont Singapour, la Malaisie, l'Indonésie, les Philippines, la Thaïlande, le Vietnam, le Cambodge et le Myanmar.

Métrique de la plate-forme	2023 données
Total des téléchargements d'applications	279 millions de téléchargements cumulatifs
Note de l'App Store	4.2 / 5 sur les plates-formes iOS et Android
Volume de transaction annuel	13,4 milliards de dollars traités via l'application mobile

Plateforme de site Web

Grab maintient les plateformes Web pour plusieurs catégories de services, y compris la livraison de nourriture, le transport et les services financiers.

• Trafic de site Web: 24,6 millions de visiteurs uniques mensuels
• Part de transaction de plate-forme Web: 17,3% du total des transactions
• Pays avec des plateformes Web dédiées: 6 pays

Marketing des médias sociaux

Grab exploite les réseaux sociaux pour l'engagement et le marketing des clients.

Plate-forme sociale	Nombre de suiveurs
Facebook	4,2 millions de followers
Instagram	1,8 million de followers
Liendin	387 000 abonnés

Réseaux de référence partenaires

L'écosystème partenaire de Grab comprend des collaborations stratégiques sur plusieurs secteurs.

• Réseau total des partenaires: 2,3 millions de partenaires enregistrés
• Partenaires marchands: 562 000 restaurants et entreprises
• Producteur de conducteurs: 1,9 million de conducteurs enregistrés

Campagnes marketing et promotionnelles intégrées

La stratégie de marketing intégrée de Grab se concentre sur les promotions personnalisées et l'engagement des utilisateurs.

Métrique de la campagne	Performance de 2023
Campagnes promotionnelles totales	1 247 campagnes ciblées
Taux d'engagement moyen des utilisateurs	42,6% Participation de la campagne
Valeur de réduction promotionnelle	Remises promotionnelles totales de 287 millions de dollars

Grab Holdings Limited (Grab) - Modèle d'entreprise: segments de clientèle

Les navetteurs et professionnels urbains

Au quatrième trimestre 2023, Grab dessert environ 13,4 millions d'utilisateurs actifs mensuels à travers l'Asie du Sud-Est. Les revenus du segment des transports ont atteint 273 millions de dollars en 2023.

Segment	Demographie des utilisateurs	Pénétration du marché
Professionnels urbains	25 à 45 ans	68% de la base d'utilisateurs totaux
Navetteurs quotidiens	Gamme de revenus 1 500 $ - 4 000 $	72% dans les grandes zones métropolitaines

Consommateurs de livraison de nourriture

Le segment de la livraison de nourriture de Grab a traité 385 millions de commandes en 2023, avec une valeur de transaction totale de 1,2 milliard de dollars.

• Valeur moyenne de la commande: 3,50 $
• Utilisateurs quotidiens de livraison de nourriture active: 4,2 millions
• Partners des restaurants: plus de 250 000

Propriétaires et marchands de petites entreprises

Grab prend en charge 500 000 petites et moyennes entreprises via sa plate-forme, les services marchands générant 156 millions de dollars en 2023.

Catégorie marchand	Nombre de partenaires	Revenus mensuels moyens
Restaurants	180,000	$2,300
Magasins de détail	95,000	$1,800
Services	65,000	$1,500

Demographies plus avancées du numérique

Les utilisateurs âgés de 18 à 34 ans représentent 62% de la base d'utilisateurs totale de Grab, avec 8,3 millions d'utilisateurs dans ce segment.

• Pénétration des smartphones: 95%
• Adoption du portefeuille numérique: 73%
• Utilisation mensuelle moyenne des applications: 12,5 séances

Fournisseurs de services de transport

Le réseau de pilotes de Grab comprend 2,1 millions de conducteurs enregistrés à travers l'Asie du Sud-Est, générant 512 millions de dollars de bénéfices des conducteurs en 2023.

Type de véhicule	Nombre de pilotes	Géré mensuels moyens
Taxi à moto	850,000	$480
Carrefour en voiture	750,000	$650
Chauffeurs de livraison	500,000	$420

Grab Holdings Limited (Grab) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de rétention des conducteurs

Au troisième trimestre 2023, Grab a déclaré des dépenses liées au conducteur de 124 millions de dollars. L'entreprise alloue des ressources importantes aux incitations et aux bonus du conducteur.

Catégorie de dépenses	Montant (USD)
Incitations au conducteur	78 millions de dollars
Construction du conducteur	32 millions de dollars
Programmes de rétention des conducteurs	14 millions de dollars

Infrastructure et maintenance technologiques

Grab a investi 156 millions de dollars dans les infrastructures technologiques en 2023.

• Dépenses de cloud computing: 62 millions de dollars
• Coûts de développement de logiciels: 54 millions de dollars
• Investissements en cybersécurité: 40 millions de dollars

Coûts de marketing et d'acquisition des clients

Canal de marketing	Dépenses (USD)
Publicité numérique	45 millions de dollars
Programmes de référence	28 millions de dollars
Marketing des médias sociaux	19 millions de dollars

Développement de plate-forme et investissements d'innovation

Total des dépenses de R&D en 2023: 92 millions de dollars

• IA et apprentissage automatique: 38 millions de dollars
• Développement de technologies de paiement: 34 millions de dollars
• Recherche de véhicules autonomes: 20 millions de dollars

Frais généraux opérationnels et administratifs

Catégorie aérienne	Coût annuel (USD)
Salaires des employés	210 millions de dollars
Entretien de bureau	18 millions de dollars
Frais administratifs	42 millions de dollars

Structure totale des coûts pour 2023: environ 622 millions de dollars

Grab Holdings Limited (Grab) - Modèle d'entreprise: Strots de revenus

Commission des services de covoiturage

Au troisième trimestre 2023, Grab a déclaré un chiffre d'affaires de segment de tirage de 172 millions de dollars, avec un taux de commission moyen de 20 à 25% par transaction.

Catégorie de service	Revenus (T1 2023)	Pourcentage de commission
Promenades en voiture privée	86 millions de dollars	22%
Promenades à moto	45 millions de dollars	25%
Services de taxi	41 millions de dollars	20%

Frais de livraison de nourriture

Les revenus de la livraison de nourriture en 2023 ont atteint 384 millions de dollars, avec une commission moyenne de 25 à 30% par commande.

• Valeur moyenne de la commande: 12,50 $
• Total des commandes mensuelles de livraison de nourriture: 48 millions
• Taux de commission des marchands: 25-30%

Frais de transaction de paiement numérique

GrabPay a traité 6,2 milliards de dollars de volume de paiement total en 2023, générant 124 millions de dollars de revenus de transaction.

Type de paiement	Volume de transaction	Revenu
Transferts entre pairs	1,8 milliard de dollars	36 millions de dollars
Paiements marchands	4,4 milliards de dollars	88 millions de dollars

Services financiers et produits de prêt

Les services financiers de Grab ont généré 215 millions de dollars en 2023, avec des micro-prêts et des produits d'assurance.

• Micro-prêts émis: 780 millions de dollars
• Revenu des produits d'assurance: 65 millions de dollars
• Taille moyenne du prêt: 350 $

Partenariats publicitaires et promotionnels

Les revenus publicitaires ont atteint 92 millions de dollars en 2023, tirant parti de la base d'utilisateurs de la plate-forme de 180 millions d'utilisateurs actifs mensuels.

Catégorie publicitaire	Revenu	Pourcentage du total
Publicité intégrée	52 millions de dollars	56.5%
Partenariats sponsorisés	40 millions de dollars	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