Bloomberg News reports that Grab, Singapore’s ride-hailing giant, intends to initiate its largest wave of job cuts since the onset of the pandemic.

Singapore-based Grab Holdings is preparing for its largest round of layoffs since the start of the pandemic, according to a report by Bloomberg News.

The layoffs are expected to be announced this week and are likely to exceed the staff reductions of 5% (360 employees) that occurred in 2020.

A Grab spokesperson did not immediately respond to a request for comment. However, two anonymous sources within the company stated that they were not aware of any planned job cuts.

Grab, Southeast Asia’s leading ride-hailing and food delivery app, had previously forecasted a positive revenue for 2023 and moved up its timeline for achieving profitability.

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