Hitchhiking company backed by SoftBank Grab to announce layoffs: sources

ARCHIVE PHOTO: People await the start of the Grab's fifth anniversary press conference in Singapore on June 6, 2017. REUTERS / Edgar Su

SINGAPORE (Reuters) – Southeast Asian payments and hitchhiking company Grab is expected to announce layoffs on Tuesday, sources told Reuters.

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Grab, the most valuable startup in Southeast Asia, supported by SoftBank Group Corp (9984.T) and was valued at $ 14 billion for the last time, signaling layoffs at a city hall for employees, according to people with knowledge of the matter.

Grab is expected to cut 5% of its staff, or about 300 people, a source said.

The company did not immediately respond to a request for comment.

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Reporting by Fanny Potkin and Anshuman Daga; Additional reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman

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