Ride-hailing firm Grab is expected to cut 5 per cent of its staff: Source

Ride-hailing firm Grab is "confident" of meeting the digital banking licence requirements that include "a path towards profitability" on a five-year projection, the unicorn told The Business Times on Thursday. PHOTO: ST FILE. Sketched by the Pan Pacific Agency.

SINGAPORE, Jun 16, 2020, Reuters. Ride-hailing, food delivery and payments firm Grab is set to announce layoffs on Tuesday, sources told Reuters, according to the Bangkok Post.

Grab, Southeast Asia’s most valuable startup that is backed by SoftBank Group Corp and was last valued at $14 billion, flagged the layoffs at a townhall for staff, according to people with knowledge of the matter.

Grab is expected to cut 5% of its staff, or around 300 people, one source said.

The company did not immediately respond to a request for comment.

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