SINGAPORE (BLOOMBERG) - Grab, South-east Asia's biggest ride-hailing company, plans to double its staff in Singapore to 3,000 by the time it moves into new headquarters next year.
Grab has signed an 11-year lease for new offices in a development by Ascendas Real Estate Investment Trust. The Singapore-based start-up has a five-year renewal option and will occupy all of the building, which has an estimated floor area of 42,310 square metres and cost $181.2 million.
"The new building will allow us to put our growing team of up to 3,000 Grabbers under one roof," Grab chief executive officer Anthony Tan said at a ground-breaking ceremony on Friday (March 29). "It is an affirmation of our long-term investment in Singapore."
Grab is flush with cash after raising US$4.5 billion (S$6.1 billion) from investors including SoftBank Group Corp's Vision Fund to bankroll efforts to become a one-stop shop for on-demand services in South-east Asia. Last year it acquired Uber Technologies Inc's business in the region.
Grab will also add 1,000 technology jobs across its research and development centres in Bangalore, Beijing, Ho Chi Minh City, Jakarta, Kuala Lumpur, Seattle and Singapore. The jobs will include data scientists, artificial intelligence researchers and engineers, Mr Tan said.
Seven-year-old Grab currently has 6,000 employees globally.