Advertisement
Recently, Ming Maa, president of Southeast Asian ride-hailing giant Grab, stated in an email briefing on the company’s business updates that Grab’s business continued to recover steadily, and the Group’s revenue in the third quarter rose to more than 95% of the level before the outbreak of the novel coronavirus.
Grab, backed by SoftBank, has laid off about 360 employees in June after cutting discretionary expenses, or about 5% of its total workforce. Grab's main ride-hailing business has been hit hard because many countries, including Indonesia, its largest market, have adopted lockdown measures due to the pandemic.
Advertisement
Ming Maa, President of Grab, said that Grab's food business currently generates more than 50% of the company's revenue, which reflects the surge in demand for food delivery.
He said: "After laying down this foundation, we will focus on developing financial services and merchant services for the rest of this year and beyond."
Ming Maa also stated that Grab, which has not yet turned a profit, has received a US$200 million investment from the South Korean private equity firm STIC Investments.
Southeast Asian ride-hailing giant Grab is currently valued at more than US$15 billion, higher than its previous valuation of US$14 billion.
Advertisement
- Previous article
- Bumble and Gen.G once again collaborates across borders
- Next article
- Hedgehogs increasing popularity in Japan
Advertisement
OTHER NEWS
Does Water Boiled in Microwave Tastes Different?
BY Jean
Why Do Certain People Eat A Lot, But Never Gain Weight?
BY Mildred
Woman Found a 3.69 Carat White Diamond
BY Larry
Argentina Mourned Over Maradona’s Death for Three Days, Why a Football Player Could Own Such an Honor? (II)
BY Moore
Google Is Paying A High Price to Apple Every Year
BY Sean
Mario Kart Tour Races to $200M revenue and 200M Downloads
BY Lloyd
RECENT NEWS
-
PUBG Mobile Esports Generated 200 Million Hours of Viewing in 2020
-
Mario Kart Tour Races to $200M revenue and 200M Downloads
-
Game Acquisitions Expand Globally in Q1 2021 with 280 Deals Worth $39 Billion Surpassing That in 2020
-
Free Fire Shows Strong Momentum, with Its Revenue Overtaking PUBG Mobile in a Single Market for Q1 2021
-
The Games Fund Launched a $50 Million Early Investment Fund to Invest in American and European Companies
-
How to Download and Install Wyze App for Free?