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SINGAPORE – Southeast Asian ride-hailing and payments firm Grab said on Tuesday it will lay off more than 300 employees due to the impact of novel coronavirus, in the latest setback to major backer SoftBank Group Corp.
Southeast Asia’s most valuable startup with a valuation of $14 billion (S$19 billion) informed staff of the cuts at a townhall meeting, according to people with knowledge of the matter.
CEO Anthony Tan told staff in a note which was shared with Reuters the company would cut about 5 per cent of its headcount or about 360 employees.
Singapore-based Grab, which is active in eight countries, did not face capitalisation issues and would be “sunsetting non-core projects, consolidating teams and pivoting to focus on deliveries”, a spokeswoman said.
Grab currently has $3 billion in reserves, according to a source with knowledge of the matter.
The layoffs are the latest restructuring at a SoftBank Group Corp portfolio company.
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