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Grab‘s revenue in Q1 2023 jumped 130% year on year to US$525 million, which the Singapore tech giant attributed to growth across all its segments. The company also reduced its adjusted losses for the quarter by 77% year on year, landing at US$66 million.

“With five sequential quarters of adjusted EBITDA improvements, we remain on track on our path to profitability and to achieve group adjusted EBITDA breakeven in the fourth quarter of this year,” said Anthony Tan, group CEO and co-founder of Grab.

Deliveries were the star of the show for the company in Q1, contributing US$275 million in revenue. This represents a 217% leap over the same year-ago period. Meanwhile, segment gross merchandise value (GMV) dropped 4% year on year to US$2.3 billion.

Grab said its growth in revenues comes mainly on the back of contributions from Jaya Grocer – which it acquired in 2021 – as well as a reduction in incentives. The company also said that GrabUnlimited, its subscription service, accounted for over a quarter of the GMV for deliveries for the quarter.

Its mobility segment drew US$194 million in revenue in Q1, marking a 77% increase compared to the same quarter last year. Mobility GMV – at US$1.2 billion – was also up 51% compared to Q1 2022.

Finally, the revenue for Grab’s financial services rose by 233% year on year at US$38 million, which was driven by lowered consumer incentives and higher lending activity. The company said GrabFin’s loan disbursements in the quarter grew 45% compared to the same quarter last year.

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