Uber Backs Out Of Southeast Asia, Selling To Regional Rival 'Grab'

Uber Backs Out Of Southeast Asia, Selling To Regional Rival 'Grab'

Without any major competition around, the inevitable question arises: how will this acquisition mean for consumers in the near future, who have long enjoyed rebates and discounted rides thanks to the stiff competition between Uber and Grab.

Grab says it operates in 191 cities in the region - about three times as many as Uber - and also offers motorbike, carpooling and cashless payment services. 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.

Why Grab? Why not Uber? Check out the Grab site or the GrabFood site for more details. Uber will receive a 27.5 percent stake in the Singapore-based Grab, and chief executive Dara Khosrowshahi will join Grab's board, the companies said. Uber meanwhile continues exiting markets, including the aforementioned China and also Russian Federation. After failing to compete with the local rival, it made a decision to sell its business to the competitor in exchange for a stake back in 2016.

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"This deal is a testament to Uber's exceptional growth across Southeast Asia over the last five years".

Singapore-based food delivery and rideshare service Grab has agreed a deal to acquire Uber's South East Asian operations, including the UberEats food delivery service.

"Today's acquisition marks the beginning of a new era", said Anthony Tan, Chief Executive Officer of Grab. For instance, Grab let passengers text drivers via a chat feature within the app with in-built automated translation feature. Consolidation efforts are leading up to a potential initial public offering in 2019 where Uber hopes to raise enough capital to further expand its operations in developing nations.

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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.

Similar to what happened to their China operations, Uber failed to adapt to how different the Southeast Asian market was compared to their operations in other territories. SoftBank is also a major investor in Grab and several other top ride-hailing companies around the world.

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