Uber Is Selling Southeast Asian Operations to Ride-Hailing Rival Grab

Uber Sells Southeast Asian Operations to Rival Grab

As per a Reuters report, 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.

Regarding the withdrawal of another sector of their worldwide operations he said: "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".

Uber's two previous retreats, from China and Russian Federation, happened under former CEO Travis Kalanick.

Anthony Tan, Group CEO and co-Founder of Grab, said: "The acquisition marks the beginning of a new era". The Uber app will be terminated in just two weeks and in the mean while its drivers have to enroll up to drive with Grab. Completely new Grab driver are required to sign up. The value of the deal has not been disclosed yet.

For The 4th Time Ever, Mega Millions Jackpot Passes $500M
The next drawing will be Friday night, with an estimated jackpot topping the half-billion dollar mark, at $502-million. No one won the jackpot in Tuesday's Mega Millions drawing, but three tickets sold in Virginia are worth $10,000.

Grab will purchase Uber's ride-hailing and food delivery operations in the region in a deal valued at several billion dollars, according to a person familiar with the acquisition who spoke on the condition of anonymity because they were not authorized to speak publicly. Uber will also take a seat on Grab's board.

Grab said it plans to expand its food delivery business to Singapore and Malaysia after integrating it with Uber Eats in those countries. After that, passengers will need to download Grab's app or that of another local ride hailing firm.

Uber Technologies Inc. has confirmed plans that it will be selling off its Southeast Asian operations to Grab and in turn it will garner a 27.5 per cent stake in a combined entity.

Is Uber withdrawing from Southeast Asia? $7) for UberX and in Manila (Philippines) its start at 189 pesos (approx. And at the same time, Uber is also taking the heat in the form of high marketing expenses, required to keep up with Grab. These got stronger after SoftBank - an investor in Ola - joined Uber as an investor committing over $1 billion in the US-based firm. Although Uber may hold as much as 60 percent of the market there already and India accounts for more than 10 percent of Uber's global rides, it still is not making any money because rides are being substantially subsidized. But this is yet another region from where Uber has pulled off.

Related news:

Hot News

isis-killer-beheading-video-story-top Jaguar sets pace with self-driving auto
Mar 29, 2018 - 02:22
Waymo plans to launch the world's first self-driving vehicle service that users can hail with an app. The company has not specified where it will be heading after Phoenix.

isis-killer-beheading-video-story-top Nokia 1 Android Go Edition Launched in India
Mar 28, 2018 - 01:47
A fixed focus 5 MP camera complete with LED flash adorns the rear while the front gets a 2 MP camera , also of fixed focus. For connectivity, there's 4G VoLTE, Bluetooth v4.2, GPS/ A-GPS, Wi-Fi 802.11 b/g/n, Micro-USB, and a 3.5mm audio jack.

isis-killer-beheading-video-story-top Family rails against decision not to prosecute
Mar 28, 2018 - 01:46
Department of Justice announced it would not be pursuing civil rights charges against the officers, reports CBS affiliate WAFB . Videos recorded by nearby surveillance cameras and by auto dashboards and police body cameras have not been released.

isis-killer-beheading-video-story-top Bailey Davis, ex-New Orleans Saints cheerleader, says National Football League team's policies discriminate
Mar 28, 2018 - 01:44
But NFL players have no limit on who can follow them on social media and aren't punished for reaching out to the cheerleaders. Saintsations management told her she had a "dirty face" in the pictures, which invited attention from players, Davis said.

isis-killer-beheading-video-story-top Rams offered a 1st round pick for Beckham
Mar 28, 2018 - 01:43
Among those are Kimberly Jones of WFAN and NFL Network , who reported Monday that the Giants are "not shopping Odell Beckham Jr". I really don't think you can know somebody by seeing reports, reading reports, hearing what people think and say.

isis-killer-beheading-video-story-top Suspect packages, one with explosives, sent to DC military facilities
Mar 28, 2018 - 01:42
During screening, the packages were found to be suspicious, although it is unclear what made them suspicious. The FBI is in possession of the packages and is now trying to determine if they could have exploded.

isis-killer-beheading-video-story-top Notch the phone we were expecting - Huawei unveils the P20 Pro
Mar 28, 2018 - 01:40
In addition to that, it comes with 6GB of RAM and 128GB of internal storage which is not compatible with an SD card. There's also a beefy autofocus system that leverages a laser along with face detection and depth information.

isis-killer-beheading-video-story-top Weather Alert Day: Morning Snow And Rain Across Southern Colorado
Mar 28, 2018 - 01:39
This very cold air will drop overnight lows into the teens with daytime highs struggling to reach the 30s on Saturday . Temperatures will be climbing their way in the 40s late tonight and hold steady the rest of the night into Tuesday .

isis-killer-beheading-video-story-top Israeli police question Netanyahu over alleged corruption
Mar 27, 2018 - 19:10
Partners in Netanyahu's coalition say they will await the attorney general's next moves. In 2017, police also interrogated Netanyahu over the so-called Case 1000 and Case 2000.

isis-killer-beheading-video-story-top U.S. destroyer sails near Beijing-claimed island in South China Sea
Mar 27, 2018 - 19:10
China asserted that two People's Liberation Army Navy frigates warded off the United States vessel. Today, the Chinese Navy is holding a live-fire drill in the sea to test its combat readiness.

isis-killer-beheading-video-story-top Ball-tampering scandal: Australian cricketfaces huge backlash
Mar 27, 2018 - 19:09
Cricket's worldwide governing body fined him his entire payment for playing in the South Africa match. That said, cricket remains tied to gentlemanly ideals and the myth of "fair play".

isis-killer-beheading-video-story-top Police arrest Larry Nassar's Michigan State University boss
Mar 27, 2018 - 19:08
The woman didn't report it then, she told police, because she "did not want to be thrown out of medical school". "Good luck. Strampel fired Nassar in September 2016 when he learned that Nassar had been ignoring those guidelines for two years.

isis-killer-beheading-video-story-top Meghan Markle's family open up on royal wedding invite snub
Mar 27, 2018 - 19:05
Katie explained: " Meghan also, as you would expect, has a very clear idea of what she wants on her wedding day. Tracy said, "I don't think we are getting invitations, but that is fine, we are so proud of her".

isis-killer-beheading-video-story-top YouTube tightens restrictions on firearms videos
Mar 26, 2018 - 02:38
Guns for sale are seen inside of Dick's Sporting Goods store in Stroudsburg, Pennsylvania, U.S., February 28, 2018. Now, promoting a paid streaming platform is a big change, but the company is well aware of what this step means.

isis-killer-beheading-video-story-top Tech giants facing European Union 'digital tax'
Mar 26, 2018 - 02:34
The Parliament has already shown it is in favour with its comments on another legislative package, the Common Consolidated Corporate Tax Base.