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Technology

Grab aims to break even sooner for delivery despite softer demand

Nasdaq-listed superapp continues to taper incentives after Q2 loss narrows to $572m

Grab said it will focus more on "high quality" customers to achieve its profitability goals.    © Reuters

SINGAPORE -- Singapore-based superapp Grab on Thursday moved forward the deadline for its delivery businesses, from food and groceries to parcels, to break even as the loss-making company continues its push to turn profitable amid greater scrutiny from investors. 

The company had originally set the deadline for the end of 2023. Grab now expects food deliveries to break even on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) by the first of 2023, while overall deliveries are expected to break even on adjusted EBITDA in the second quarter of 2023.

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