Business Standard

Covid-19 woes: SoftBank-backed ride-hailing firm Grab announces 5% layoffs

The ride-hailing industry has been battered by the pandemic, with firms from Uber, Lyft in the United States to India's Ola cutting jobs and costs

Covid-19 woes: SoftBank-backed ride-hailing firm Grab announces 5% layoffs
Premium

The SoftBank-backed company informed staff of the move at a townhall

Reuters
Southeast Asian ride-hailing and payments firm Grab announced hundreds of job losses on Tuesday due to the impact of novel coronavirus.
Southeast Asia's most valuable startup with a valuation of $14 billion, the SoftBank-backed company informed staff of the move at a townhall, according to people with knowledge of the matter.
Singapore-based Grab would cut just under 5 per cent of its headcount, or about 360 employees, according to a note to employees from CEO Anthony Tan which was shared with Reuters.
Tan said the company, which is active in eight countries, did not face capitalisation issues and would be "sunsetting non-core projects,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 16 2020 | 1:57 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com