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.