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

Topics Grab | SoftBank | Coronavirus

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,.

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