Singapore’s Grab beat Wall Street expectations for first-quarter revenue on Tuesday (May 5), benefiting from resilient demand for its ride-hailing and food-delivery services after rolling out promotional offers and bundled features to attract customers.
Southeast Asia’s biggest ride-hailing and delivery firm has been trying to boost spending on its platform by incorporating artificial-intelligence features into its superapp and bundling its core ride-hailing, delivery and financial services.
With oil and gas prices soaring due to the war in the Middle East, the company has also promoted more affordable offerings, including a “saver” option, to woo customers grappling with higher costs of living.
About 35 per cent of its users are on the “saver” program, opting for cheaper deliveries, CFO Peter Oey told Reuters.
