Singapore based Grab announces job cuts – 5% of workforce

On Tuesday, Grab announced a trimming of its workforce citing the coronavirus which emerged from Wuhan China. The Southeast Asian ride-hailing and payments services firm, considered Southeast Asia’s most valuable startup with a valuation of $14 billion, informed staff of the move at a townhall, said two sources with knowledge of the matter at hand.

SoftBank-backed, Singapore-based Grab will cut just under 5% of its headcount, equivalent to about 360 employees.

The ride-hailing industry has been ravaged by the coronavirus pandemic with firms such as Uber, India’s OLA and Lyft cutting costs and jobs, to remain afloat.

The impact of the pandemic in Southeast Asia has been severe, with 11 drivers from rival Gojek revealing that their income had been slashed by more than 50% during the pandemic.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s