Singapore’s Grab says revenue nearly back to pre-pandemic levels

Singapore’s Grab, which has evolved from a ride-hailing app operator to offer services such as food delivery and insurance, said on Thursday its third-quarter group revenue had risen to more than 95% of pre-COVID-19 levels.

“Our business recovery continues steadily, with Q3 group revenues climbing to over 95% of pre-COVID-19 levels,” Ming Maa, president of Grab, said in an emailed newsletter update on the company’s business.

Softbank-backed Grab, the region’s biggest start-up with a valuation of over $14 billion, in June laid off around 360 employees or almost 5% of its headcount, after slashing discretionary spending.