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Grab Holdings, the leading car-hailing service provider in Southeast Asia, announced on Tuesday to cut about 360 employees, or under five percent of its total staff, and to take other measures to prepare for the prolonged recession caused by the pandemic.
More than the job cuts, the Singapore-based company will also give up some non-core projects, consolidating functions and reallocate staff to meet increased demand for deliveries, Chief Executive Officer Anthony Tan said in a
blog post
.
"I assure you that this will be the last organization-wide layoff this year," Tan said, assuring that there will not be another job cut in the foreseeable future.
He said the company has to prepare for a possible long recovery period since the pandemic will likely result in a prolonged recession.
Under the impact of COVID-19, Grab has reviewed all costs, cut back on discretionary spending and implemented pay cuts for senior management, but the downsizing is still in need, according to the post.
The startup, which was founded in 2012, has operated in Southeast Asia with a wide range of services, including transport, on-demand delivery and financial services.
The latest cut indicates another trouble for Softbank who invested heavily in ride-hailing companies. In 2007, SoftBank and China's car-hailing company Didi Chuxing invested two billion U.S. dollars into Grab.