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Startups

SoftBank-backed Grab cuts 5% of global jobs as coronavirus hits

Singapore-based unicorn to make its first layoffs amid ride-hailing downturn

Southeast Asia's most valuable startup Grab said Tuesday that it will be letting go 360 people out of 7,000 staff globally. (Photo by Ken Kobayashi)

SINGAPORE -- Southeast Asia's most valuable startup Grab will slash 5% of its global staff amid a collapse in demand for its core ride-hailing business triggered by the coronavirus pandemic and as recovery prospects remain uncertain.

The first round of layoffs in eight year history, the Singapore-based startup said Tuesday that it will be letting go 360 people out of 7,000 staff globally.

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