Southeast Asian ride-hailing giant Grab

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.

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.