Grab Loss Narrows on Food Delivery Ahead of U.S. SPAC Merger
- Food demand helps to offset waning ride-hailing revenue
- Startup preparing to combine with Gerstner’s Altimeter Growth
This article is for subscribers only.
Singapore’s Grab Holdings Inc., set to go public in the U.S. through a deal with a blank-check company, reported a narrower loss for the first quarter as the pandemic boosted demand for food delivery.
The company’s net loss shrank to $652 million in the quarter ended March 31 from $771 million a year earlier, Southeast Asia’s most valuable startup said in a statement on Monday. It reported revenue of $216 million from just $1 million a year earlier, a figure that was revised sharply downward after the company decided to deduct consumer incentives from revenue following consultation with the U.S. Securities and Exchange Commission