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Startups

Singapore's Grab to 'taper' incentives in drive for profitability

Superapp firm narrows loss to $435m in Q1 as Southeast Asian economies reopen

Grab went public in December, but has since shed more than 70% of its value. (Photo by Kosaku Mimura)

TOKYO -- Superapp operator Grab will begin "tapering" incentives for drivers in the second half of this year as the supply of drivers stabilizes, the Singaporean company said Thursday, looking to achieve profitability after years of heavy spending to retain market share.

"We are laser focused on meeting our profitability targets and growing sustainably," CEO Anthony Tan said in an earnings call. Through "disciplined cost management," Grab aims to break even for deliveries on adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] by the end of 2023.

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