The ride-hailing company Grab is making cost-cutting moves in order to move in the right direction.
The company is one of the leading ride-hailing companies in Southeast Asia and has been expanding rapidly in recent years.
Grab has been taking steps to reduce its cost structure, including cutting its workforce and freezing salaries.
In addition to cost-cutting, the company has focused on creating new revenue streams, such as its food delivery service and its GrabPay payment platform.
“None of these decisions were easy, but are meant to help us get leaner and fitter, as we accelerate even faster towards sustainable, profitable growth,”
CEO Anthony Tan said in the memo, which was sent to the staff on Wednesday and was viewed by Reuters.
 “More so than ever, all Grabbers need to adopt a frugal and prudent mindset as we prepare for 2023.”
In an effort to reduce losses, Grab is shifting its focus to higher-paying customers and cutting back on spending on incentives. As of the end of 2021, the Singapore-based company employed approximately 8,800 people.