Grab Holdings Ltd is preparing its biggest round of layoffs since the pandemic, as the Internet company faces stiffening competition in ride-hailing and meal delivery across South-East Asia.
The reductions are set to be announced as soon as this week and are likely to surpass a 2020 round that shrank staff by 5%, or about 360 employees, according to people familiar with the matter. The final number is under discussion and could fluctuate as conditions change.
While Singapore-based Grab leads South-East Asia’s ride-hailing and delivery markets, it has yet to reach profitability as it spends on growth and competition from rivals such as Indonesia’s GoTo Group weighs on prices. Shares of Grab have slumped about 70% since its stock-market debut in New York in late 2021, even as it has reduced its losses and pledged to report a profit on an adjusted basis by the final quarter of this year.
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