Regional super-app faces growing investor pressure to turn a profit
SINGAPORE: 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.
In a letter sent to employees late on Tuesday and seen by Reuters, chief executive Anthony Tan said the cuts, the biggest by the super-app operator since the start of the pandemic, were not “a shortcut to profitability” but a strategic reorganisation to adapt to a fast-changing business environment.
“Change has…
