 "Grab slashes 1,000 jobs in biggest round of job cuts since pandemic")
Singapore-based ride-hailing and food delivery company Grab is laying off around 1,000 employees, or approximately 11 per cent of its workforce, news agencies reported on Wednesday. Grab CEO Anthony Tan said the decision to cut 1,000 jobs was a “painful but necessary step”.
Describing the layoffs as part of major changes to the firm’s operating model, Tan said that the layoffs were not a "shortcut to profitability".
"Over the past couple of years we've been consistent in managing costs tightly in all areas of our operations and on improving platform efficiency," he added. The firm did not reveal which roles are being cut.
Founded in 2012, Grab began as a ride-hailing service and expanded into food delivery and financial services in eight Southeast Asian countries, including the Philippines, Indonesia, and Malaysia. Grab became the largest ride-hailing company in Southeast Asia in 2018 after acquiring Uber's business in the region.
Many Southeast Asian tech companies have been slashing their workforce to focus on profitability. Singapore-based gaming company Sea Ltd cut about 7,000 jobs last year.
This is the largest round of job cuts by Grab since 2020 when it laid off around 360 employees amid the pandemic. At the end of 2022, Grab had 9,942 employees.