THE US-BASED ride-sharing, food delivery and transportation company, Uber Technologies has sold its ride-hailing and food delivery businesses in Southeast Asia to its Singapore-based rival, Grab.
Grab will now take over Uber’s operations in the region and Uber will get a 27.5 percent stake in Grab and have Uber Technologies CEO, Dara Khosrowshahi, on its board.
The US unicorn has already retreated from China and Russia. The divestment of its operations and assets from Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam will thus be Uber’s third exit from a region.
In India, where Uber driver-partners are often not supportive and frequently on strike, speculation is rife about its plans for the country. A possibility also exists of Uber preferring to merge with a local partner, like Ola. Both Ola and Uber have a common investor on their boards, namely Softbank.
This story is from the March 31, 2018 edition of Businessworld.
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This story is from the March 31, 2018 edition of Businessworld.
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