Southeast Asian ride-hailing, Grab, said today that it will be laying about 300 people from its headcount to cope with the negative effect of the Novel Coronavirus pandemic on its business.
Valued at $14 billion, Grab is a competitor to Uber in Southeast Asia The startup which has also delved into payment services is backed by Japan’s SoftBank Group Corp., the same company behind the struggling office-sharing startup WeWork.
CEO Anthony Tan told the staff in a note which was shared with Reuters the company would cut about 5% of its headcount or about 360 employees.
A source with the knowledge of the matter said Grab has close to $3 billion in cash reserve.
