Uber selling Southeast Asian business to regional rival Grab

Uber Sells Southeast Asian Operations to Rival Grab

Cab hailing firm Uber has chose to sell its ride and food delivery businesses in Southeast Asia to Singapore-based rival, Grab.

However, acquiring Uber's Southeast outlets will offer Grab a big opportunity to completely dominate ride-hailing services in the entire region. However, Uber will keep a hold over 27.5% stake in the Singapore based company Grab. He did not want to be identified as the deal is not public yet.

The acquisition of Uber's operations in Southeast Asia can be seen as a massive win for Grab, which began its operations as a e-hailing startup in Malaysia just a few years ago. The California-based Uber sold its business in China in return for an approximate 20% stake in Chinese rivalDidi Chuxing, ending years of intense competition that sparked a slew of price wars.

Uber announced the sale by releasing two emails from CEO Dara Khosrowshahi to employees in Southeast Asia.

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. The Uber app will stop working in Asia in two weeks, it said.

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"It will help us double down on our plans for growth as we invest heavily in our products and technology", said Khosrowshahi.

Grab (founded in 2012) is now present in 195 cities in eight Southeast Asian countries (Singapore, Malaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar, and Cambodia) and offers the widest range of on-demand transport services including private cars, motorbikes, taxis, and carpooling services, in addition to food and package delivery services.

Anthony Tan, Grab group CEO and co-founder, said, "Together with Uber, we are now in an even better position to fulfill our promise to outserve our customers". Early previous year, Didi invested $100 million in USA -based Lyft, Uber's main rival at home.

Uber's official statement is of course trying to spin it positively, saying they were able to grow the business after investing $700 million in the region.

The move follows the United States firm's retreat from China and Russian Federation and comes as new chief executive Dara Khosrowshahi attempts to turn its fortunes around.

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