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Uber confirmed that it's selling its Southeast Asia business to rival Grab

Uber confirmed that it's selling its Southeast Asia business to rival Grab

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. It was most recently valued at $6 billion, according to CB Insights. Beyond its auto and taxi-hailing services, the company also has a payments platform called GrabPay and recently launched a financial services platform.

"The combined services of Grab and Uber signals a wider network of TNVS drivers and passengers and improved ridesharing services", said Brian Cu, Country Head, Grab Philippines.

Uber CEO Dara Khosrowshahi, on his recent visit to India had said, India is a core market for the company. Instead, it will get a 27.5% stake - worth several billion dollars - in Singapore-based Grab. As of now, the Uber app is still operational in Malaysia, but we might see it leave our app stores when the deal is finalized.

Uber has been struggling to stem increasing losses, which amounted to $4.5 billion a year ago, as it also tries to tamp-down corporate scandals and an internal shakeup that replaced its CEO, Travis Kalanick.

As Uber prepares for its Initial Public Offering (IPO), CEO Khosrowshahi has been trying to clean up the company's financials.

Trump meets Saudi Crown Prince MBS, sells weapons
Prince Mohammed arrives for a meeting at the White House on Tuesday to kick off a week in Washington D.C. before heading to NY . While in the USA , he is expected to rally support for his so-called political, economic and social reforms.

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. "The answer is no".

"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", he added.

Japan's SoftBank Group may have played a role in the Grab deal. With the combined business, Grab will be able to drive towards becoming a key online-to-offline (O2O) mobile platform in Southeast Asia. Uber can now concentrate on Europe, America, India, the Middle East and Latin America without having to worry about competing with a rival that always had superior local knowledge.

Uber's agreement with Grab is slightly different from the company's transactions with both Didi and Yandex.

Reports of a merger between the two rivals have been circulating for months. "We will rapidly and efficiently expand GrabFood into all major SEA countries in the next quarter", Grab co-founder Tan Hooi Ling said in a statement.

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