The Singapore-based company’s gross merchandise value hit $3.6 billion in the March quarter. Annualised, that’s 15.2% higher than the actual figure for all of 2020, less than half the pace Grab hopes to deliver this year. Its mobility business is performing below pre-pandemic levels. Neither revenue nor profit were disclosed.
There were some promising signs: Users appear to be spending more, the GrabMart everyday goods delivery business grew GMV 21% quarter-on-quarter and the company’s direct-lending platform disbursed over 45% more credit. Grab has time to up its game: It also used its update to reveal that the takeover by Altimeter has been delayed to the fourth quarter. Scepticism about initial public offerings of high-growth companies has crossed La Manche. Shares in Believe fell 13% on Thursday morning after the French digital music company raised 300 million euros to finance acquisitions, 40% less than it originally sought.
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