SINGAPORE (Reuters) – Southeast Asian ride-hailing and payments firm Grab is set to announce layoffs on Tuesday, sources told Reuters.

Grab, Southeast Asia’s most valuable startup that is backed by SoftBank Group Corp (9984.T) and was last valued at $14 billion, flagged the layoffs at a townhall for staff, according to people with knowledge of the matter.

Grab is expected to cut 5% of its staff, or around 300 people, one source said.

The company did not immediately respond to a request for comment.