• News
  • Business

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.

Meghan Markle Just Dropped a Hint About Her Royal Baby Plans
Anyway, while the pair of them were in The Crown Liquor Saloon (a former gin palace), they had a quick bite to eat. Prince Harry said, "She's done an absolutely incredible job...it's the family that I suppose she's never had".

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.

Leave Your Comment

Leave Your Comment


Latest News

  • Iran expresses deep sorrow over ongoing humanitarian crisis in Yemen

    Iran expresses deep sorrow over ongoing humanitarian crisis in Yemen

    The country is now suffering the world's worst humanitarian crisis , with more than 22.2 million people in need of assistance. The war pits a coalition of Sunni Arab states friendly to the West against a Shi'ite armed movement sympathetic to Iran.
    Tony Award Winner Cynthia Nixon Announces Candidacy for Governor of NY

    Tony Award Winner Cynthia Nixon Announces Candidacy for Governor of NY

    Republican leaders, meanwhile, have been coalescing behind Dutchess County Executive Marc Molinaro as a candidate, with state Sen. Democrats now favor Cuomo over Nixon, 66 percent to 19 percent, according to a poll from Siena College released on Monday.
    Claire's blames its bankruptcy on dying shopping malls

    Claire's blames its bankruptcy on dying shopping malls

    The company pointed to strong earnings minus debt costs and ear piercing services that are not affected by online competition. The company, which has been piercing ears since 1978, sells its products in more than 7,500 locations around the world.
  • Binge drinking by the numbers

    Binge drinking by the numbers

    Excessive alcohol use costs the nation around $249 billion, the majority of which can be attributed to binge drinking. The binge drinkers in the study aged 65 and older, for example, consumed an average of 435 binge drinks each year.
    Cambridge Analytica suspends CEO pending probe in Facebook data scandal

    Cambridge Analytica suspends CEO pending probe in Facebook data scandal

    Cambridge Analytica is partially owned by the family of Robert Mercer , an American billionaire and a committed Republican donor. New York Attorney General Eric Schneiderman and Attorney General Maura Healey of MA announced a joint investigation today.
    Morocco promise 'compact' tournament after presenting bid book

    Morocco promise 'compact' tournament after presenting bid book

    The tournament - which runs from June 14 to July 15 - is set to attract fans from all over the world, as spectators will not need a visa to attend.
  • Kansas upends Clemson to advance to Elite Eight

    The big question next is whether 2017-18 will prove a one-shot wonder or the start of something big. It's opened up a whole world of possibility for Kansas and a world of hurt for their opponents.
    Vietnam Halts Oil Project In South China Sea

    Vietnam Halts Oil Project In South China Sea

    Earlier this year, Britain said one of its warships would pass through the South China Sea to assert freedom of navigation rights. It said two Chinese Navy ships "took immediate action to identify and verify the U.S. ship, and warned and dispelled it".
    Schertz, TX police give updates on explosion at FedEx package facility

    Schertz, TX police give updates on explosion at FedEx package facility

    KENS 5's sister station in Austin, KVUE-TV, confirmed the package originated from a FedEx facility in southwest Austin. Austin Fire and Austin-Travis County EMS are assisting police with the investigation.
  • Air India's direct flight to Israel begins today

    Air India's direct flight to Israel begins today

    Israel and Saudi Arabia do not really have any official diplomatic relations and the latter also doesn't recognize Israel. Last year, the low-priced carrier IndiGo had sent formal expression of interest to buy Air India's worldwide operations.
    Trump meets Saudi Crown Prince MBS, sells weapons

    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.
    PUBG Mobile Is Now Live Worldwide, Here's How to Play

    PUBG Mobile Is Now Live Worldwide, Here's How to Play

    That's because the mobile version of PlayerUnknown's Battlegrounds just landed on iOS and Android devices in the U.S. I've also played "Brothers In Arms" on the same device, and PUBG seemed comparatively boring with graphics.
  • Trump, Saudi Arabia prince bond over arms deals, hostility to Iran

    Trump, Saudi Arabia prince bond over arms deals, hostility to Iran

    Senators voted 55-44 to kill the effort, which was aimed as a clear warning to the White House against signing a blank cheque. A Senior analyst associated with Aljazeera Marwan Bishara has said that MBS reception in the Oval Room was a "tragicomedy".
    Indianapolis Colts ready to dominate the 2018 NFL Draft

    Indianapolis Colts ready to dominate the 2018 NFL Draft

    I understand that if Cleveland takes a quarterback first overall, many think the Giants would be stupid to pass on Barkley. It's possible that if the Colts don't like any of the prospects available at No. 6 that they look to trade down yet again.
    Wendy Williams' Emotional Return, and More Information About Graves' Disease

    Wendy Williams' Emotional Return, and More Information About Graves' Disease

    Wendy Williams dissolved into tears in her return to her self-titled show after a doctor-ordered three-week hiatus. As she stepped out onto the stage, the audience chanted her name and she said: "Thank you for missing me".
  • Paul McCartney remembers John Lennon at March for Our Lives

    Paul McCartney remembers John Lennon at March for Our Lives

    Stopped by CNN while he was with a crowd in NY for comment, the living Beatles legend paid tribute to the late John Lennon . McCartney, who owns an apartment on Manhattan's Upper East Side, was with his wife, Nancy Shevell.
    Doctors, chemists, hospital authorities can be jailed- Check why

    Doctors, chemists, hospital authorities can be jailed- Check why

    Developing a resistance to drugs makes it hard to cure over time, but TB in diabetic and HIV patients makes it complicated. In most cases, because of lengthy treatment regimen and side effects of drugs, patients often discontinue the treatment .
    Trump Moves To Ban Most Transgender Individuals From Military Service

    Trump Moves To Ban Most Transgender Individuals From Military Service

    In February, the Pentagon established a policy that dismisses troops if they can not deploy for a period of one year. Before kicking anyone out or saying we couldn't serve, you have to realize we've already been serving.

Breaking News



Recommended

Mysterious train sparks rumours of Kim Jong-un's China visit

China's support of worldwide sanctions against North Korea over its nuclear program has strained relations with its longtime ally. Delays were also reported across the city's rail network as Chinese authorities shut down the area around the train station.

US has violated trade laws: China

Czachor said his company may not be ready to compete with foreign entities importing the finished product into the U.S. Boeing jets have also been often cited as a potential target by China.

Newly-appointed Hurriyat chief Ashraf Sehrai's son joins Hizbul Mujahideen

A senior police officer said there are rumors of Junaid having joined militancy but he will not confirm them. The written message on the picture suggests that the Junaid has joined Hizb- ul-Mujahideen militant outfit.

My husband doesn't pray, is irresponsible, woman tells court

As reported, the husband flogged his wife because he only wanted to "teach a lesson to the woman ". Stone later confirmed to police that she did attack her husband because he forgot the special day.

NY snow blamed for 3 deaths; nor'easter skips Boston

Amtrak operated a reduced schedule on many lines, including its busy Northeast Corridor line between Washington, D.C., and Boston. Thursday, but that number dropped to about 50 by 7 a.m., according to a map from the Massachusetts Emergency Management Agency.

United gives $US10,000 travel voucher to 'bumped' passenger

In a series of tweets , Allison Preiss of Washington , DC, said that she was rewarded after being asked to give up her seat. Preiss tweeted all throughout the incident, giving details like the fact that she also got meal vouchers for the delay.

Stranger Things stars get sizable pay raise for Season 3, reports say

And then Gaten Matarazzo , who plays Dustin Henderson, jumped in, offering to bring chocolate pudding to the next party. Brown replied to Ayen's tweet , offered her condolences and asked for an invite to Aaron's birthday party next year.

Crude Prices Jump Amid Saudi-Iran Tensions

A Bloomberg survey ahead of the government report forecast stockpiles rose by 3.25 million barrels. WTI Crude Oil at 63.75 may test resistance 64 and come off to 62.50 by the end of this week.

Zachary Cruz ordered to stay away from Stoneman Douglas, undergo evaluation

If a judge approves the request, Cruz would be hospitalized for a mental health evaluation and barred from acquiring firearms. The letter says the state is willing to provide assistance until a more permanent safety plan can be put into place.

Trump bans Venezuela's new national cryptocurrency

At the time, US lawmakers like Sens. "Issuing a cryptocurrency is not going to help Venezuela escape sanctions". The sanctions represent the most notable development to date since Venezuela launched the petro in February.