after parent Sea reported widening losses and scrapped its annual e-commerce forecast.
Second-quarter loss narrowed to $572 million from $801 million a year earlier. But last month, it cut its gross merchandise volume outlook for the year, blaming a strong dollar and ebbing food delivery demand.Last month, Grab said it was shutting dozens of so-called dark stores - distribution hubs for on-demand groceries and slowing the roll-out of its "cloud kitchen" centralised facilities for deliveries.
Grab reorganised its fintech unit this year to focus on more lucrative areas and Reuters reported on the exit of some senior executives.Grab is now mainly focussing on selling its lending products and insurance on its platform to merchants and drivers who often repay from their income streams on the platform.Grab, which operates in 480 cities in eight countries, has more than five million registered drivers and more than two million merchants on its platform.
Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications in key markets.Hungate said it was "good timing" for the company to look again at how it spends money, given the increased scrutiny of finances and the need to respond to shareholders.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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