Grab's Potential 4th Pillar: GrabAds

$216M run-rate growing 60% YoY with incredible margins

GrabAds is one of Southeast Asia’s fastest growing retail media platforms. Advertising revenue grew 60% YoY to $176M in 2024 and was running at an annualised $216M run-rate by Q4 2024.

However, it is often overlooked by investors as it is not explicitly shown as a line item in Grab’s disclosures. Instead, it appears as a sub-segment under Grab’s Deliveries segment.

In Q1 2025, management highlighted GrabAds as a key driver of deliveries revenue growth, even in its seasonally softest quarter.

“Deliveries segment adjusted EBITDA as a percentage of GMV was 2.0% in the first quarter of 2025, improving by 46 basis points from 1.6% in the prior year period. This was primarily driven by increased contributions from Advertising and improvements to operating leverage.”

Grab CEO Anthony Tan

Grab has over 44.5M monthly transacting users on its platform across 8 countries, with services that span mobility, food, groceries, fintech, insurance and more. It holds one of the region’s richest consumer data sets.