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Grab to cut more costs amid economic chill
The measures include a freeze on most hiring, salary freezes for senior managers and cuts in travel and expense budgets, co-founder and CEO Anthony Tan said in the memo which was issued on Wednesday and viewed by Reuters.
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This photo illustration taken on March 26, 2018 shows the Grab and Uber booking application seen on a smart phone in Singapore. Singapore-based ride-hailing firm Grab announced on March 26 it has bought US rival Uber's business in Southeast Asia, ending a fierce battle for market share in the region.
(AFP/Roslan Rahman)
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rab Holdings, Southeast Asia's biggest ride-hailing and food delivery firm, is cutting more costs to cope with an uncertain economic backdrop, the Singapore-based company's CEO told staff in a memo.
The measures include a freeze on most hiring, salary freezes for senior managers and cuts in travel and expense budgets, co-founder and CEO Anthony Tan said in the memo which was issued on Wednesday and viewed by Reuters.
The contents of the memo were confirmed by a company spokesperson.
While Grab has already been trying to stem losses by shutting some business units this year and reducing spending on incentives, the latest moves underscore the extent to which it is bracing for tougher conditions in 2023.
Decade-old Grab, a household name across the eight Southeast Asian countries it operates in, had about 8,800 staff at the end of last year.
Last month, Grab raised its 2022 revenue forecast, reported a narrower adjusted operating loss and said its food and grocery delivery business broke even three quarters ahead of its expectations.
Grab and rivals such as Indonesia's PT GoTo Gojek Tokopedia benefited from a boom in food delivery services during the COVID-19 pandemic, but growth is slowing and ride-hailing businesses have not recovered to pre-pandemic levels.
