Grab Holdings Inc is a multinational technology company headquartered in Singapore. Grab was founded in 2012 as an intersection of transportation, food delivery, and digital payments, into a single platform accessible on mobile devices. With a presence in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, Philippines, Thailand, and Vietnam, the publicly traded company is a force in its region.
According to CNN, they took over Uber’s operations in the area around 2018.
The ride-hailing and food delivery app has revealed plans to cut 1,000 jobs, to reduce costs and ensure the long-term affordability of its services. Reports mention ‘fast technological advancements’ as one of the factors influencing the layoff.
The company’s decision to reduce its workforce is driven by a need to enhance operational efficiency and enable it to stay ahead in the highly competitive Southeast Asian market. CNN used an interesting term for the company that resonates with their market advantage, the ‘Uber of Southeast Asia’.