SINGAPORE (Reuters) – Southeast Asian ride-hailing and payments firm Grab is set to announce layoffs on Tuesday, sources told Reuters.
Grab, Southeast Asia’s most valuable startup that is backed by SoftBank Group Corp <9984.T> and was last valued at $14 billion, flagged the layoffs at a townhall for staff, according to people with knowledge of the matter.
Grab is expected to cut 5% of its staff, or around 300 people, one source said.
The company did not immediately respond to a request for comment.
(Reporting by Fanny Potkin and Anshuman Daga; Additional reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)
