Description

Grab Holdings: From Food to Daily Essentials—The Hidden Upside in Delivery Mix Shift!

Grab delivered a year characterized by accelerating ecosystem-led growth alongside expanding profitability, reflecting progress across its on-demand, merchant, and financial services pillars, while also introducing new strategic complexities. Growth within Deliveries was supported by the outperformance of GrabMart, which expanded faster than food delivery due to deeper supermarket integration, shifts toward weekly stock-up behavior, and cross-ordering through GrabMore, lifting users and frequency. However, the segment still represents a relatively small share of overall GMV and remains exposed to execution risk as it scales. Merchant engagement improved as adoption of advertising tools, integrated payments, and embedded lending contributed to higher merchant earnings growth relative to merchant count expansion, reinforcing platform stickiness. At the same time, this increases reliance on sustained merchant economics and continued effectiveness of these tools in driving measurable returns for partners.