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