Grab CEO says virus is ‘biggest crisis’ in company’s history

Grab delivery cyclists ride past each other in Singapore on April 20, 2020. As demand for ride-hailing services has collapsed as lockdowns hit cities across South-East Asia, Grab has been trying to offset some of that shortfall with food delivery, which is experiencing a surge in demand as people stay at home. — AFP

Grab Holdings Inc chief executive Officer Anthony Tan warned that the coronavirus is creating significant challenges for the South-East Asian ride-hailing startup that will require "tough decisions” about cutting costs and managing capital.

"Covid-19 is the single biggest crisis to affect Grab in the eight years of our existence,” Tan said in a message to investors and partners on Monday. "It has had an unprecedented impact on our operations, our business and the livelihoods of our partners.”