Grab acquires Uber's share of business in Southeast Asia
Grab acquires Uber's share of business in Southeast Asia
Uber has agreed to sell its Southeast Asia business to rival Grab
29 March, 2018, 02:23
This deal will give Grab a strong holding in Southeast Asia, giving tough competition to its Indonesian rival Go-Jek, which is backed by Google and Tencent Holdings.
A ComfortDelgro taxi passes Uber and Grab offices in Singapore March 26, 2018.
Uber's sale in Southeast Asia, where Grab claims 5 million daily users, follows several strategic deals in competitive worldwide markets.
In exchange, Uber will receive a 27.5% stake in Grab's business, a figure which Grab calls "reflective of the companies' respective market shares."?
Uber'sCEO Dara Khosrowshahi said at a conference in NY in November that the company's Asia operations were not going to be "profitable any time soon", particularly because of how heavily Uber was subsidizing rides there. New entrants and the strength of second-place regional players such as Lyft Inc.in the USA have complicated those efforts.
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.
Grab will integrate Uber's ridesharing and food delivery business in eight countries in the region into Grab's existing multi-modal transportation and fintech platform. Now Uber is handing over to Grab in countries including Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Cambodia and Myanmar.
She added that the firm will be talking to more than 500 Uber employees here to see "how they would fit into Grab". Financial details were not revealed.
For Softbank, the deal will help it "double down" on its plans for growth and invest in products and technology. 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. This deal would make them the leader in the region on the grounds of cost efficiency. Preparation has been hard after the group lost $4.5 billion in 2017 as well as face high levels of competition in Asia and face a regulatory crackdown in Europe.
The latest deal with Grab means Uber is joining Didi and Japan's SoftBank Group Corp.as one of Grab's largest investors.
On Tuesday, the search giant said it's acquiring Tenor , a platform for searching for GIFs on Android, iOS and desktop. Tenor was founded in 2014 and has rapidly cemented its foothold in the GIF focused platforms.
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