In February, Grab raised more than US$850 mil to fund its push into financial services in the region. FMTNews Grab
SINGAPORE: Grab Holdings Inc, the leading ride-hailing company in Southeast Asia, said it will cut 360 employees, or just under 5% of its total, as it reduces expenses to deal with an economic downturn and slow recovery from the coronavirus pandemic.
“Over the past few months, we reviewed all costs, cut back on discretionary spending, and implemented pay cuts for senior management. In spite of all this, we recognise that we still have to become leaner as an organisation in order to tackle the challenges of the post-pandemic economy.” But demand for ride-hailing services collapsed this year as countries around the world went into lockdown.
He warned at the time that the startup would have to make “tough decisions” about cutting costs and managing capital. The company had more than 7,000 employees before the layoffs. In Tan’s post, he said employees would be notified via email by 1pm Singapore time on Tuesday if they are part of the cuts. He also detailed severance packages, equity vesting and insurance coverage.
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