Singapore-based ride-hailing giant, Grab Holdings, is reportedly gearing up for its most significant round of job cuts since the pandemic. The company is expected to announce the layoffs this week, surpassing the previous 5% reduction in staff during 2020, which affected approximately 360 employees.
These anticipated job cuts are attributed to the lingering economic impact of the pandemic, as Grab strives to navigate a challenging market landscape. Grab, Southeast Asia’s leading ride-hailing and food delivery app, had previously projected a positive revenue outlook for 2023 and accelerated its profitability timeline.
Despite the challenging market conditions, the company had assured in September that it had no intentions of implementing widespread layoffs. However, in December, Grab’s CEO addressed the staff, announcing a freeze on most hiring, senior managers’ pay raises, and reductions in travel and expense budgets.
As per Grab’s latest annual report, the company employed 11,934 staff by the end of 2022. Operating across eight Southeast Asian countries, including Singapore, Indonesia, and Thailand, Grab has established a significant presence in the region.