Singapore-based Grab Holdings , Southeast Asia's leading ride-hailing and food delivery app, is cutting 1,000 jobs or 11% of its workforce, its CEO said on Tuesday, citing the need to manage costs and ensure more affordable services long term.
A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/FILE PHOTOCuts part of reorganisation to stay competitiveSINGAPORE, June 20 - Singapore-based Grab Holdings
"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," Tan said in the letter. The "superapp", founded in 2012, offers deliveries, rides and financial services in eight Southeast Asian countries, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
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