Uber exits Southeast Asia, sells operations to rival Grab
Uber exits Southeast Asia, sells operations to rival Grab
Uber's merger with Grab in Southeast Asia lets it focus on core markets elsewhere
29 March, 2018, 02:21
"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. These are Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Grab is in the process of transferring or "onboarding" your data, so if you're feeling antsy you can still sign up as a Grab driver yourself.
Grab has always kept optimizing its app as per the local conditions, whereas Uber's app remained largely unchanged from the one it used in the U.S and other markets. Check out the Grab site or the GrabFood site for more details.
As part of the transaction, Uber will take a 27.5 percent stake in Singapore-based Grab and UberCEO Dara Khosrowshahi will join Grab's board.
Grab said it plans to expand its food delivery business to Singapore and Malaysia after integrating it with Uber Eats in those countries.
The move follows the USA firm's retreat from China and Russian Federation and comes as new chief executive Dara Khosrowshahi attempts to turn its fortunes around.
Grab set to acquire Uber's South East Asian operations
Grab's chief executive Anthony Tan said the acquisition marks the beginning of a new era.
Pulling out of markets like Southeast Asia would boost profits at a company that has burned through $10.7 billion since its founding nine years ago.
Grab will purchase Uber's ride-hailing and food delivery operations in the region in a deal valued at several billion dollars, according to a person familiar with the acquisition who spoke on the condition of anonymity because they were not authorized to speak publicly.
Last year, the US-based Uber lost $4.5 Billion as it underwent a fundamental shakeup following a harassment scandal. Riders, likewise, will need to download the Grab app and set up accounts, although their Uber accounts will still work outside Southeast Asia.
The latest deal with Grab means Uber is joining Didi and Japan's SoftBank Group Corp.as one of Grab's largest investors. It is a no-brainer, Uber faced a long road before it could see sustainable margins (if not the profitable ones) in the region comparable to what it can earn in American cities with higher starting fares.
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