Grab to lay off 360 people, or about 5% of its employees

Grab to lay off 360 people, or about 5% of its employees
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Grab is laying off about 360 people, or slightly under 5% of its employees. Co-founder and CEO Anthony Tan made the announcement in a letter to Grab employees today.

A Grab spokesperson told TechCrunch that the company will not be shutting down offices, and that this is the last organization-wide layoff the company will perform this year.

“We do not face capitalization issues. We conducted the layoffs to become a leaner and more efficient organization and we did this by sunsetting non-core projects, consolidating teams and pivoting to focus on deliveries,” the spokesperson said. “We remain laser-focused on adapting our core businesses of transport, deliveries, payments and financial services to address the challenges and opportunities of the new normal.”

She added that the company will talk to affected employees over the next few days.

Grab is the largest ride-hailing platform in Southeast Asia, and like other travel-related companies, including Uber, Lyft, Oyo and Airbnb, its on-demand ride business has been hit hard by the pandemic. Grab also operates several other businesses, however, including deliveries and digital financial services, which is is currently reallocating resources toward because demand for them has increased during the pandemic and stay-at-home orders.

Source: TechCrunch

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