# Grab unveils its 2024 plan for double-digit growth

- Link: https://www.thailand-business-news.com/companies/133461-grab-unveils-its-2024-plan-for-double-digit-growth
- Published: 2024-03-27T21:34:25+07:00
- Author: J. Allan

Grab Thailand, the leading ride-hailing and food delivery service, is launching 
its 2024 growth plan aiming to achieve a double-digit growth rate.

The company became profitable for the first time in 2022, reaching a value of 15
billion baht in revenues and a profit of 576 million baht, now it’s focusing on 
its strategic growth plan for 2024.

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 * **Growth Targets**: Grab Thailand aims for double-digit growth in 2024 after 
   two consecutive years of profitability.
 * **Strategic Focus**: The company plans to focus on active users, affordable services,
   advertising business, and personalized lending using AI technology.
 * **Innovative Services**: Introduction of GrabCar SAVER and a yearly-based Grab
   Unlimited package to cater to different customer segments.
 * **Partnerships and Integrations**: Collaboration with Suvarnabhumi Airport and
   integration of Alipay and Kakao Pay to serve international users.

Worachat Luxkanalode, country head of Grab Thailand, explained that the company 
is working to target double-digit growth after its success in 2023 and 2022. The
new strategic growth plan of the company will focus on 4 different areas:

## Expanding Active User Base

Grab plans to expand its active user base, with a particular focus on tourists, 
GrabUnlimited subscribers, and high-value customers. The introduction of a yearly-
based Grab Unlimited package, in addition to the current monthly option, is expected
to cater to high-spending users who spend 20% more than average users. With half
of the company’s total food delivery users being Grab Unlimited subscribers, this
move is anticipated to significantly boost revenue.

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## Affordable Services for New Segments

In response to rising living costs in Thailand, Grab is introducing more affordable
services to attract new customer segments, such as university students and price-
sensitive users. The launch of GrabCar SAVER, which offers reduced fares with compact
vehicles, is currently being piloted in 20 provinces and is projected to be a new
engine of growth for the company.

## Advertising Business Expansion

Grab is also expanding its advertising business, moving beyond in-app ads to include
offline advertising on its fleet cars. This diversification is expected to tap into
the high growth potential of advertising-on-demand and become a key driver of profitability
in 2024. Targeted sectors for these advertising efforts include travel, health and
beauty, and fast-moving consumer goods.

## Leveraging Artificial Intelligence for Personalized Lending

The company is leveraging artificial intelligence technology to offer personalized
lending services. The lending business is set to raise the credit limit ceiling 
to several million baht, up from 100,000 baht last year, indicating a significant
expansion of financial services offered by Grab.

[The food delivery market in Thailand](https://www.thailand-business-news.com/business/125630-grab-line-man-and-foodpanda-the-three-way-fight-for-thailands-food-delivery-market)
is very competitive and dynamic, with frequent changes in consumer preferences, 
regulations, and technologies. While Grab is currently the market leader, Line Man
and Foodpanda are not far behind, and they are always innovating and improving their
services to attract and retain customers. There are also other players in the market,
such as Gojek, Robinhood, and Lalamove, that offer similar or complementary services.