SoftBank-Backed Grab Asks Staff to Take No-Pay Leave to Cut Costs
- Ride-hailing firm says it’s actively trying to ‘conserve cash’
- Southeast Asia’s most valuable startup has 6,000 employees
A pedestrian walks past signage for Grab in Singapore.
Photographer: Paul Miller/BloombergThis article is for subscribers only.
Ride hailing and food delivery provider Grab Holdings Inc. has begun asking its staff to go on voluntary no-pay leave or take reduced working hours to help it avoid cutting jobs, the latest sign of troubles at Southeast Asia’s most valuable startup.
The Singapore-based company, which is backed by SoftBank Group Corp., said it has given its staff across the region an option to take flexible working options, including sabbaticals, where there is excess capacity. Grab, last valued at $14 billion, has 6,000 employees.