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

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Demand for ride-hailing services has collapsed as many cities across Southeast Asia are under lockdown. FMTNews Grab

SINGAPORE: Grab Holdings Inc Chief Executive Officer Anthony Tan warned that the coronavirus is creating significant challenges for the Southeast Asian ride-hailing startup that will require “tough decisions” about cutting costs and managing capital.

In February, Grab raised more than US$850 million to fund its push into financial services in the region. “There will be tough decisions and trade-offs to make as we continue to evaluate its impact on our business,” Tan said. The Japanese company has taken repeated blows since the implosion of WeWork’s initial public offering last year.

 

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