Uber to Exit Southeast Asia, Sell its Operation to Grab
29 March, 2018, 02:25 | Author: Kathy Ellis
Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asia business to bigger regional rival Grab, a source with direct knowledge of the matter said yesterday, in what would be the U.S. company's second retreat from Asia.
Grab now is the biggest ride-hailing firm in Southeast Asia. Uber will also take a seat on Grab's board. He did not want to be identified as the deal is not public yet. It sold off its China business to a competitor and partner, Didi Chuxing, taking a stake in Didi.
"The combined service of Grab and Uber signals a wider network of TNVS (transport network vehicle service) drivers and passengers and improved ridesharing services", Cu stated.
A heatmap showing the demand for Grab services in Southeast Asia is displayed during Grab's fifth anniversary news conference in Singapore June 6, 2017.
Earlier today, Uber confirmed that it's bowing out of the Southeast Asian market and that it has sold its ride-hailing business as well as the Uber Eats division to Grab. Grab currently operates in eight Asian markets - Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Cambodia, and Myanmar - and it's in these regions that Uber is now ceding control to its rival. Until then, you can still use Uber Eats or call a auto or drive using the Uber app, but these are the grace periods for you to make the move to Grab.
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"It will help us double down on our plans for growth as we invest heavily in our products and technology", Khosrowshahi said in a statement.
Chief Executive of Grab, Anthony Tan said,"Today's acquisition marks the beginning of a new era". In Russia, it agreed to merge its ride-hailing business in the country with Yandex, a local search-engine leader that also runs a popular taxi-booking app.
Kindly note, In this exchange (strategic retreat), Uber will take a 27.5% stake in Grab.
Softbank is also a major investor in Grab, and is known for pushing for consolidation in the global ride-hailing industry, which has been losing billions of dollars a year due to turf wars.
Uber has been struggling to stem increasing losses, which amounted to $4.5 billion a year ago, as it also tries to tamp-down corporate scandals and an internal shakeup that replaced its CEO, Travis Kalanick.
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