Singapore-based ride-hailing app Grab slashes over 1,000 jobs

Singapore-based Grab Holdings Inc., the leading ride-hailing app firm in Southeast Asia, has said it will slash over 1,000 jobs, accounting for more than 11 percent of its workforce, in a bid to cut costs and achieve long-term growth.

Grab CEO Anthony Tan said in an email sent to employees Tuesday night that the job cuts are not a “shortcut to profitability” but are about changing its operating model and cost structure.

“The cost of capital has gone up, directly impacting the competitive landscape,” Tan said, adding that restructuring is a painful but necessary step for the ride-hailing, food ...