Uber is selling its Southeast Asia business to rival Grab
27 March, 2018, 03:18 | Author: Samuel Sharp
Uber's two previous retreats, from China and Russian Federation, happened under former CEO Travis Kalanick.
The deal was dismaying to many in Asia who have often compared the rival apps in search of the best deal. This deal would make them the leader in the region on the grounds of cost efficiency.
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. Grab declared that Uber will partake a 27.5 percent stake and a position on its board as far as the deal is concerned. Now Uber is handing over to Grab in countries including Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Cambodia and Myanmar.
Regarding the withdrawal of another sector of their worldwide operations he said: "One of the potential dangers of our global strategy is that we take on too many battles across too many fronts and with too many competitors". The San Francisco-based company sold its Chinese arm to local etaxi giant Didi Chuxing in a $35 billion deal back in 2016, which was followed by a merger with Yandex.taxi in Eastern Europe a year ago.
The statement did not disclose the value of the deal. According to Bloomberg, this represents a region of 620 million people.
UberEats will continue to operate until the end of May, after which, the delivery and restaurant partners will move to the GrabFood platform.
Reuters writes: "For Grab, the deal is a boon for its meal-delivery service, which will now merge with Uber Eats".
Alternatively, the deal could place Grab in a monopolistic position, allowing it to have control in raising vehicle rental rates, reducing subsidies and changing fare structures, Mr Chua said. For passenger's safety, it also masked rider's phone numbers from drivers, and in Singapore, it let users input convenient numeric codes for nearby taxi stands in lieu of addresses. "So the most important thing is that service to our commuters will not be disrupted", Poe said in a statement Monday (March 26).
SoftBank's chief executive of its Vision Fund has strongly pushed for Uber to leave the Asian market behind and turn focus to known profitable regions such as Latin America.
As The Associated Press writes: "Since becoming CEO past year".
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