Grab set to announce layoffs: sources
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[SINGAPORE] South-east Asian ride-hailing and payments firm Grab is set to announce layoffs on Tuesday, sources told Reuters.
Grab, South-east Asia's most valuable startup that is backed by SoftBank Group Corp and was last valued at US$14 billion, flagged the layoffs at a townhall for staff, according to people with knowledge of the matter.
Grab is expected to cut 5 per cent of its staff, or around 300 people, one source said.
The company did not immediately respond to a request for comment.
REUTERS
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