Singapore – Regional ride-hailing and super-app Grab has announced that it is laying off 1,000 of its employees. Said update was part of the company’s restructuring effort.
In a letter sent by current Grab CEO Anthony Tan to employees, he said that the company needed to adapt to the ever-changing environment of their industry ecosystem, with cost of capital going up, directly impacting the competitive landscape.
“We believe fundamental step-changes in our operating model and cost structure are needed to build our competitive moat for the longer-term. The primary goal of this exercise is to strategically reorganise ourselves, so that we can move faster, work smarter, and rebalance our resources across our portfolio in line with our longer-term strategies,” he stated.
Tan has noted that impacted employees will receive various benefits from Grab in terms of financial, professional and medical support.
Moving forward, he said that all of these changes were made with great care and consideration from the company’s higher-ups.
“We recognise that change can be incredibly challenging, and the decisions made have been weighed with great care and consideration with all our leaders. Our priority is to support impacted Grabbers throughout this transition [and] we are committed to providing resources and assistance to help ease the process,” he concluded.
The new layoffs come after Grab underwent a massive corporate restructuring, with its co-founder Tan Hooi Ling stepping down from her operating roles, and transitioning into an advisory role for the company.
