Grab cuts 360 staff to cope with virus impact

A GrabFood rider gets ready for a delivery outside a shopping mall, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia May 28, 2020. - Reuters

SINGAPORE: Southeast Asian ride-hailing and payments firm Grab said on Tuesday it would lay off more than 300 employees due to the impact of novel coronavirus, in the latest setback to major backer SoftBank Group Corp.

Southeast Asia's most valuable startup with a valuation of $14 billion informed staff of the cuts at a town-hall meeting, according to people with knowledge of the matter.