SINGAPORE — Grab, Southeast Asia's leading ride-hailing and food delivery app, is cutting 1,000 jobs or 11 per cent of its workforce, its CEO said on Tuesday (June 20), citing the need to manage costs and ensure more affordable services long-term.
or 11 per cent of its workforce,
"Change has never been this fast. Technology such as generative AI is evolving at breakneck speed. The cost of capital has gone up, directly impacting the competitive landscape," Mr Tan said in the letter. The"superapp", founded in 2012, offers deliveries, rides and financial services in eight Southeast Asian countries, including Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
Its incoming CEO is planning to head the firm only temporarily and quit after improving profitability, sourcesIn May, Grab reported a quarterly loss of US$250 million but said revenue in the first quarter of this year rose 130.3 per cent to US$525 million from a year ago.
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