Grab, the top ride-hailing company in Southeast Asia, has slashed 1,000 staff.

Grab, the top ride-hailing and food delivery service in Southeast Asia, announced that it is laying off 1,000 employees, or 11% of its workforce.

Grab, the top ride-hailing company in Southeast Asia, has slashed 1,000 staff.
Grab, the top ride-hailing company in Southeast Asia, has slashed 1,000 staff.

 

According to the head of the business, the cost-cutting measures were necessary to maintain long-term affordability of services.

The Singapore-based company provides banking services, trips, and delivery across eight Southeast Asian nations.

In 2018, Grab took over the rival US-based Uber’s regional business.

The largest cuts made since the start of the coronavirus outbreak, according to chief executive Anthony Tan, were not “a shortcut to profitability,” he said in an email to workers.

Change has never been this quick, he continued, citing the effects of new technology and increased borrowing prices. Artificial intelligence (AI) technology is developing at a dizzying pace. The competitive environment has been negatively impacted by the rising cost of capital.

 

The so-called “super-app,” also referred to as “the Uber of Southeast Asia,” provides services throughout the area and is available in nations like Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

Grab stated in March 2018 that it had acquired Uber’s regional operations, calling the transaction “the largest-ever of its kind.”

Grab’s last round of job cuts was in 2020, when it shed 360 positions due to the pandemic.

Use your ← → (arrow) keys to browse

sikapa

Next Post

Attack on the Ablekuma bullion van: What is now known

Fri Jun 23 , 2023
A police officer was killed on June 22, 2023, in an attack on a bullion van at a gas station in the Ablekuma Fanmilk neighborhood of Accra, according to the police.   At the time of the attack, the deceased was sitting in front of the white van. He was […]
Attack on the Ablekuma bullion van: What is now known
%d bloggers like this: