Uber agrees to sell Southeast Asia business to rival Grab
29 March, 2018, 02:23 | Author: Natasha Holloway
After selling off its Chinese and Russian operations to local rivals, Uber is pulling out of yet another market. Uber's local representatives there have repeatedlyinsisted that, despite SoftBank's favored strategy, the company isn't pulling out of that continent.
As per a Reutersreport, Uber invested $700 million in its Southeast Asia business, less than the $2 billion it burned through in China before ceding its operations there to Didi. Previously Uber sold its China business to Didi Chuxing and merged its Russian Federation operations with tech firm Yandex. "We're excited to take this step with Anthony and his entire team at Grab, and look forward to Grab's future in Southeast Asia", said Dara Khosrowshahi, CEO of Uber. New entrants and the strength of second-place regional players such as Lyft Inc.in the USA have complicated those efforts.
As part of Monday's deal, Grab is combining Uber's food delivery service in the region with its own and plans to expand it to more countries.
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. However, the statement did not disclose the value of the deal between Uber and Grab.
The move will free up capital to execute on Uber's growth plans in core markets like North America, Latin America, India and Europe and invest in engineering and product development, they said.
As far as Uber is concerned, the pull out from the region could help it cut losses ahead of a planned initial public offering in 2019.
As well as the Philippines, Grab - formally known as GrabTaxi - operates in Singapore, Indonesia, Malaysia, Thailand, Vietnam, Burma and Cambodia.
Last year, the US-based Uber lost $4.5 Billion as it underwent a fundamental shakeup following a harassment scandal. "The combined business is the leader in platform and cost efficiency in the region".
Uber had previously retreated from China and Russian Federation.
SoftBank is also one of the main investors in several of Uber's rivals, including Grab, China'sDidi Chuxing, and India's Ola.
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