Grab set to announce layoffs: sources

[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.