FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in SingaporeSINGAPORE - Two top executives at Grab Holdings' fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said.
The latest executive departures come as Grab's losses rose to $3.6 billion in 2021 from $2.7 billion a year earlier, while revenue rose 44%, with investors focusing on how the firm plans to stem losses.Since listing on Nasdaq in December after a record $40 billion merger with a blank check firm, Grab's shares have shed three-quarters of their value against a backdrop of plunging tech stocks and its continued losses.
This year, one of Grab's senior tech executives also departed to lead a cryptocurrency gaming firm, while Grab's head of insurance and wealth left to form a startup.Grab declined to comment specifically on the executives' departures. There was no immediate response from Yeo and Goh to a Reuters query.