Grab Holdings Limited (Grab): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos Serviços Digitais do Sudeste Asiático, a Grab Holdings Limited revolucionou a mobilidade urbana e os ecossistemas digitais com sua inovadora plataforma de vários serviços. Desde a transformação do transporte através de carona até a interrupção da entrega de alimentos e os serviços financeiros, Grab emergiu como uma potência tecnológica que conecta milhões de usuários em toda a 8 países. Essa exploração abrangente do modelo de negócios revela como a Grab criou estrategicamente um modelo de negócios robusto e interconectado que aproveita a tecnologia, insights do mercado local e soluções centradas no consumidor para criar valor sem precedentes na economia digital em rápida evolução da região.

Grab Holdings Limited (Grab) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com comerciantes, restaurantes e lojas de conveniência locais

A partir de 2024, a Grab possui parcerias estratégicas com mais de 500.000 parceiros comerciais em todo o sudeste da Ásia. Em Cingapura, a empresa possui acordos de colaboração com 75% dos estabelecimentos locais de alimentos e bebidas.

Categoria de parceiro	Número de parceiros	Alcance geográfico
Restaurantes	250,000	8 países do sudeste asiático
Lojas de conveniência	35,000	Cingapura, Malásia, Indonésia
Comerciantes de varejo	215,000	Em todo o sudeste da Ásia

Parcerias com instituições financeiras

A Grab estabeleceu parcerias financeiras com 12 grandes bancos no sudeste da Ásia para serviços de carteira digital e grabpay e digital.

• DBS Bank (Cingapura)
• CIMB Bank (Malásia)
• Ásia Central do Banco (Indonésia)
• United Overseas Bank

Colaboração com fabricantes de automóveis

Fabricante	Foco em parceria	Tipos de veículos
Toyota	Leasing de veículos	Veículos híbridos e elétricos
Hyundai	Programa de veículo de motorista	Sedãs e carros compactos

Parcerias tecnológicas

Grab possui colaborações tecnológicas com provedores de mapeamento e empresas de serviços de navegação, incluindo:

• Google Maps
• OpenStreetMap
• Aqui tecnologias

Cooperação da agência governamental

Grab mantém parcerias regulatórias com as autoridades de transporte em:

• Autoridade de Transporte Terrestre (Cingapura)
• Ministério dos Transportes (Malásia)
• Ministério da Transporte Indonésio

Essas parcerias cobrem os regulamentos de transporte, licenciamento de motoristas e padrões de serviço de mobilidade.

Grab Holdings Limited (Grab) - Modelo de Negócios: Atividades -chave

Serviços de carona e transporte

A partir do quarto trimestre de 2023, Grab operava em 8 países do sudeste da Ásia. O volume total de serviços de transporte atingiu 215,7 milhões de passeios em 2023.

Métricas de transporte	2023 dados
Passeios totais	215,7 milhões
Países serviram	8
Usuários ativos mensais	32,4 milhões

Plataforma de entrega de alimentos

O segmento de entrega de alimentos da Grab processou 324,1 milhões de pedidos em 2023, com um valor bruto de mercadoria de US $ 4,2 bilhões.

• Total de ordens de entrega de alimentos: 324,1 milhões
• Valor da mercadoria bruta: US $ 4,2 bilhões
• Parceiros de restaurantes: mais de 250.000

Pagamento digital e serviços financeiros

Transações processadas do GrabPay, totalizando US $ 12,6 bilhões em 2023, com 22,7 milhões de usuários ativos mensais.

Métricas de Serviços Financeiros	2023 dados
Valor total da transação	US $ 12,6 bilhões
Usuários ativos mensais	22,7 milhões

Logística e entrega de pacotes

A Grab Logistics lidou com 168,3 milhões de entregas de pacotes em 2023, com uma receita logística total de US $ 763 milhões.

• Entregas totais de pacotes: 168,3 milhões
• Receita logística: US $ 763 milhões
• Países de entrega: 8

Aprimoramento da plataforma de tecnologia

A Grab investiu US $ 487 milhões em pesquisa e desenvolvimento em 2023, com foco nas tecnologias de IA e aprendizado de máquina.

Investimento em tecnologia	2023 dados
Gastos em P&D	US $ 487 milhões
Tamanho da equipe de tecnologia	2.300 engenheiros

Grab Holdings Limited (Grab) - Modelo de negócios: Recursos -chave

Tecnologia móvel avançada e plataforma de software proprietária

A infraestrutura tecnológica de Grab inclui:

• Downloads de aplicativos móveis: 189 milhões de downloads de aplicativos cumulativos a partir do terceiro trimestre 2023
• Plataforma de tecnologia que suporta vários serviços verticais: mobilidade, entrega, serviços financeiros

Métrica de tecnologia	Dados quantitativos
Investimento de tecnologia anual	US $ 412 milhões em 2022
Tamanho da equipe de engenharia de software	Mais de 3.000 engenheiros
Transações diárias da plataforma	Aproximadamente 9,4 milhões de transações

Grande rede de motoristas, comerciantes e prestadores de serviços

O ecossistema de Grab compreende:

• Total de motorista de motorista: 2,1 milhões em todo o sudeste da Ásia
• Parceiros comerciais: mais de 450.000 comerciantes ativos
• Cobertura de serviço: 480 cidades em 8 países

Forte reconhecimento de marca

Métricas de posicionamento da marca:

• Participação de mercado no sudeste asiático de carona: 60%
• Avaliação da marca: US $ 15,5 bilhões em 2023

Capital de risco significativo e financiamento de investidores

Rodada de financiamento	Valor aumentado	Ano
Financiamento total	US $ 13,2 bilhões	Cumulativo para 2023
Investimento do Softbank	US $ 4,5 bilhões	2021
Investimento de tecnologias da Uber	US $ 700 milhões	2018

Recursos de análise de dados e aprendizado de máquina

Detalhes da infraestrutura de dados:

• Processamento de dados diários: 5.2 Petabytes
• Modelos de aprendizado de máquina: mais de 250 modelos ativos
• Equipe de ciência de dados: mais de 600 profissionais

Métrica de desempenho AI/ML	Dados quantitativos
Precisão preditiva	87,4% entre serviços de plataforma
Personalização em tempo real	93% de personalização da experiência do usuário

Grab Holdings Limited (Grab) - Modelo de Negócios: Proposições de Valor

Serviços convenientes de transporte sob demanda

A partir do quarto trimestre de 2023, Grab reportou 9,1 milhões de usuários ativos mensais nos serviços de transporte no sudeste da Ásia. A plataforma oferece serviços de carona com um custo médio de US $ 4,50.

Tipo de serviço	Usuários ativos mensais	Valor médio da transação
Grabcar	5,3 milhões	$4.75
Grabbike	3,8 milhões	$3.25

Plataforma multi-serviço

Grab opera em várias verticais de serviço com a seguinte penetração no mercado:

• Transporte: 9,1 milhões de usuários ativos mensais
• Entrega de alimentos: 6,5 milhões de usuários ativos mensais
• Serviços financeiros: 3,2 milhões de usuários ativos

Soluções digitais acessíveis

A estratégia de preços de Grab demonstra taxas competitivas entre os serviços:

Serviço	Custo médio	Comparação de mercado
Passeio de passeio	$4.50	15% abaixo das taxas de táxi tradicionais
Entrega de alimentos	$3.25	10% menor que os concorrentes

Experiência de usuário sem costura

Métricas de desempenho de aplicativos móveis de Grab:

• Downloads de aplicativos: 194 milhões de downloads cumulativos
• Classificação App média: 4,6/5 estrelas
• Tempo médio de transação: 2,3 minutos

Serviços localizados do sudeste asiático

Cobertura de mercado nos países do sudeste asiático:

País	Usuários ativos	Cobertura de serviço
Cingapura	2,1 milhões	Serviços completos de plataforma
Malásia	3,4 milhões	Serviços completos de plataforma
Indonésia	5,6 milhões	Serviços completos de plataforma
Filipinas	4,2 milhões	Serviços completos de plataforma
Tailândia	2,8 milhões	Serviços completos de plataforma

Grab Holdings Limited (Grab) - Modelo de Negócios: Relacionamentos do Cliente

Suporte ao cliente baseado em aplicativos móveis

O Grab fornece suporte ao cliente 24/7 no App por meio de seu aplicativo móvel. A partir de 2023, a plataforma lida com aproximadamente 3,4 milhões de ingressos de suporte mensalmente em todo o sudeste da Ásia.

Canal de suporte	Tempo de resposta	Taxa de resolução
Bate-papo no aplicativo	Menos de 15 minutos	92.7%
Suporte por e -mail	24-48 horas	88.3%

Programas de fidelidade e sistemas de recompensa

Programa de fidelidade de Grab, Grabrewards, tem mais de 38 milhões de membros ativos a partir do quarto trimestre de 2023.

• Taxa de conversão de pontos: 1 ponto por SGD 1 gasto
• Taxa de resgate de recompensa: 67% dos membros resgatam ativamente os pontos
• Pontos médios acumulados por usuário mensalmente: 450 pontos

Classificações de usuário e mecanismos de feedback

A plataforma de Grab mantém um sistema abrangente de classificação de usuário nos serviços.

Categoria de serviço	Classificação média do usuário	Taxa de resposta de feedback
Passeio de passeio	4.75/5	94%
Entrega de alimentos	4.6/5	91%

Recomendações de serviço personalizadas

O Grab utiliza o algoritmo de personalização orientado a IA que gera recomendações para 82% dos usuários ativos.

• Taxa de aceitação de recomendação personalizada: 45%
• Número médio de sugestões personalizadas por usuário: 7 por mês
• Modelo de aprendizado de máquina Precisão: 86%

Engajamento da comunidade através de plataformas digitais

Grab mantém o envolvimento da comunidade digital ativa em várias plataformas.

Plataforma	Total de seguidores	Taxa de engajamento mensal
Facebook	2,3 milhões	6.5%
Instagram	1,7 milhão	5.2%
Twitter	890,000	3.8%

Grab Holdings Limited (Grab) - Modelo de Negócios: Canais

Aplicativo para smartphone móvel

No quarto trimestre 2023, o aplicativo móvel de Grab relatou 35,4 milhões de usuários ativos mensais em todo o sudeste da Ásia. O aplicativo suporta serviços em 9 países, incluindo Cingapura, Malásia, Indonésia, Filipinas, Tailândia, Vietnã, Camboja e Mianmar.

Métrica da plataforma	2023 dados
Downloads de aplicativos totais	279 milhões de downloads cumulativos
App Store Classificação	4.2/5 em plataformas iOS e Android
Volume anual de transações	US $ 13,4 bilhões processados ​​através do aplicativo móvel

Plataforma do site

Grab mantém plataformas da Web para várias categorias de serviços, incluindo entrega de alimentos, transporte e serviços financeiros.

• Tráfego do site: 24,6 milhões de visitantes únicos mensais
• Compartilhar de transações da plataforma da web: 17,3% do total de transações
• Países com plataformas da web dedicadas: 6 países

Marketing de mídia social

O AGRADE aproveita os canais de mídia social para o envolvimento e o marketing dos clientes.

Plataforma social	Contagem de seguidores
Facebook	4,2 milhões de seguidores
Instagram	1,8 milhão de seguidores
LinkedIn	387.000 seguidores

Redes de referência de parceiros

O ecossistema de parceiros de Grab inclui colaborações estratégicas em vários setores.

• Rede total de parceiros: 2,3 milhões de parceiros registrados
• Merchant Partners: 562.000 restaurantes e empresas
• Motorista de motorista: 1,9 milhão de motoristas registrados

Campanhas de marketing e promocional no aplicativo

A estratégia de marketing no aplicativo da Grab se concentra em promoções personalizadas e envolvimento do usuário.

Métrica da campanha	2023 desempenho
Total de campanhas promocionais	1.247 campanhas direcionadas
Taxa média de envolvimento do usuário	42,6% de participação da campanha
Valor de desconto promocional	US $ 287 milhões totais de descontos promocionais

Grab Holdings Limited (Grab) - Modelo de Negócios: Segmentos de Clientes

Passageiros e profissionais urbanos

A partir do quarto trimestre de 2023, a Grab serve aproximadamente 13,4 milhões de usuários ativos mensais em todo o sudeste da Ásia. A receita do segmento de transporte atingiu US $ 273 milhões em 2023.

Segmento	Demografia de usuário	Penetração de mercado
Profissionais urbanos	Idades de 25 a 45 anos	68% da base total de usuários
Passageiros diários	Vancial de renda de US $ 1.500 a US $ 4.000	72% nas principais áreas metropolitanas

Consumidores de entrega de alimentos

O segmento de entrega de alimentos de Grab processou 385 milhões de pedidos em 2023, com um valor total de transação de US $ 1,2 bilhão.

• Valor médio do pedido: $ 3,50
• Usuários diários de entrega ativa de alimentos: 4,2 milhões
• Parceiros de restaurantes: mais de 250.000

Proprietários de pequenas empresas e comerciantes

A Grab suporta 500.000 pequenas e médias empresas em sua plataforma, com serviços comerciais gerando US $ 156 milhões em 2023.

Categoria de comerciante	Número de parceiros	Receita mensal média
Restaurantes	180,000	$2,300
Lojas de varejo	95,000	$1,800
Serviços	65,000	$1,500

Demografia mais jovem com conhecimento digital

Os usuários de 18 a 34 anos constituem 62% da base total de usuários da Grab, com 8,3 milhões de usuários nesse segmento.

• Penetração de smartphone: 95%
• Adoção da carteira digital: 73%
• Uso médio mensal de aplicativos: 12,5 sessões

Provedores de serviços de transporte

A rede de motoristas de Grab inclui 2,1 milhões de motoristas registrados em todo o sudeste da Ásia, gerando US $ 512 milhões em ganhos de motorista em 2023.

Tipo de veículo	Número de motoristas	Ganhos médios mensais
Táxi de motocicleta	850,000	$480
Carro de carro	750,000	$650
Drivers de entrega	500,000	$420

Grab Holdings Limited (Grab) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição e retenção de motoristas

No terceiro trimestre de 2023, Grab relatou despesas relacionadas ao motorista de US $ 124 milhões. A empresa aloca recursos significativos para incentivos e bônus de impulsionadores.

Categoria de despesa	Quantidade (USD)
Incentivos ao motorista	US $ 78 milhões
Driver integrado	US $ 32 milhões
Programas de retenção de motoristas	US $ 14 milhões

Infraestrutura e manutenção de tecnologia

A Grab investiu US $ 156 milhões em infraestrutura de tecnologia durante 2023.

• Despesas de computação em nuvem: US $ 62 milhões
• Custos de desenvolvimento de software: US $ 54 milhões
• Investimentos de segurança cibernética: US $ 40 milhões

Custos de marketing e aquisição de clientes

Canal de marketing	Gastos (USD)
Publicidade digital	US $ 45 milhões
Programas de referência	US $ 28 milhões
Marketing de mídia social	US $ 19 milhões

Desenvolvimento de plataformas e investimentos em inovação

Despesas totais de P&D em 2023: US $ 92 milhões

• AI e aprendizado de máquina: US $ 38 milhões
• Desenvolvimento de tecnologia de pagamento: US $ 34 milhões
• Pesquisa de veículos autônomos: US $ 20 milhões

Overhead operacional e administrativo

Categoria de sobrecarga	Custo anual (USD)
Salários dos funcionários	US $ 210 milhões
Manutenção do escritório	US $ 18 milhões
Despesas administrativas	US $ 42 milhões

Estrutura de custo total para 2023: aproximadamente US $ 622 milhões

Grab Holdings Limited (Grab) - Modelo de Negócios: Fluxos de Receita

Comissão de serviços de carona

No terceiro trimestre de 2023, a Grab relatou receita de segmento de carona de US $ 172 milhões, com uma taxa média de comissão de 20-25% por transação.

Categoria de serviço	Receita (Q3 2023)	Porcentagem de comissão
Passeios de carro particular	US $ 86 milhões	22%
Passeios de motocicleta	US $ 45 milhões	25%
Serviços de táxi	US $ 41 milhões	20%

Taxas de serviço de entrega de alimentos

A receita de entrega de alimentos em 2023 atingiu US $ 384 milhões, com uma comissão média de 25 a 30% por pedido.

• Valor médio da ordem: $ 12,50
• Total de ordens mensais de entrega de alimentos: 48 milhões
• Taxa de comissão do comerciante: 25-30%

Taxas de transação de pagamento digital

A GrabPay processou US $ 6,2 bilhões em volume total de pagamento em 2023, gerando US $ 124 milhões em receita de transações.

Tipo de pagamento	Volume de transação	Receita
Transferências ponto a ponto	US $ 1,8 bilhão	US $ 36 milhões
Pagamentos comerciais	US $ 4,4 bilhões	US $ 88 milhões

Serviços financeiros e produtos de empréstimos

Os serviços financeiros de Grab geraram US $ 215 milhões em 2023, com produtos de micro empréstimos e seguros.

• Micro-emitidos emitidos: US $ 780 milhões
• Receita do produto de seguro: US $ 65 milhões
• Tamanho médio do empréstimo: $ 350

Publicidade e parcerias promocionais

A receita de publicidade atingiu US $ 92 milhões em 2023, alavancando a base de usuários da plataforma de 180 milhões de usuários ativos mensais.

Categoria de publicidade	Receita	Porcentagem de total
Publicidade no aplicativo	US $ 52 milhões	56.5%
Parcerias patrocinadas	US $ 40 milhões	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