Southeast Asia's leading transportation and food delivery company, Grab, announced the layoff of 1,000 workers on Tuesday.
In an email to staff, Chief Executive Officer Anthony Tan said the layoffs were a 'painful' move but necessary to maintain competitiveness in the future.
The latest move is the biggest since 2020, when it cut 360 jobs in response to the challenges of the Covid-19 pandemic.
In the meantime, Tan also emphasized the impact of the development of new technology and the increasing cost of borrowing as challenges for the company.
Technologies such as generative AI are developing so rapidly, they have added pressure to a competitive landscape already struggling with rising capital costs.
Singapore-based Grab was launched in 2012 as a taxi booking app in Malaysia before becoming the largest transport firm in Southeast Asia and expanding into financial services.
It operates in eight Southeast Asian countries, including Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
