| Southeast Asia's ride-hailing and delivery giant, Grab Holdings, is set to lay off 1,000 employees, accounting for 11% of its workforce. It is Singapore-based Grab's largest job cuts since the pandemic. - Grab
CEO, Anthony Tan, said the job cuts are necessary to manage costs and
improve competitiveness in a rapidly evolving industry.
- Despite reporting a quarterly loss of $250M, Grab saw a significant revenue increase of 130% to $525M in Q1 2023.
- However,
the company has yet to achieve profitability due to investments and
pricing pressure from rivals like Indonesian tech firm GoTo Group.
- According to Tan, Grab is expected to break even this year, even without the planned layoffs.
- GoTo reduced its workforce by 12% in 2022 and an additional 600 staff in March.
-
Grab
started as a taxi-booking app in Malaysia in 2012 and has since become
Southeast Asia's largest ride-hailing firm. It now operates in eight
countries in the region and has expanded its services to include digital payments.
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