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Ride-hailing firm Grab buys Uber's Southeast Asia operations
27 March 2018, 06:51 | Lionel James
Uber's merger with Grab in Southeast Asia lets it focus on core markets elsewhere
After that, passengers will need to download Grab's app or that of another local ride hailing firm. Adding to the company's blue-days, the ride-hailing giant's autonomous self-driving test vehicle hit and killed a pedestrian on March 19 in Arizona.
Just days after news that Uber was exiting that market, fares for taxi rides soared in the country.
A few months back, Ubersold its China business to ride-sharing rival Didi Chuxing and merged its operations in Russian Federation and neighboring countries with local tech company Yandex.
Grab also plans to enhance other services in southeast Asia including its marketplace for shared bicycles GrabCycle, service for on-demand bus routes called GrabShuttle, and its mobile wallet GrabPay.
The sale is Uber's latest withdrawal from a market where the ride-sharing titan had faced fierce competition, as new chief executive Dara Khosrowshahi seeks to stem huge losses and move past a series of scandals.
The announcement marks the third time that Uber has ceased operations as a brand in a market.
Reuters writes: "For Grab, the deal is a boon for its meal-delivery service, which will now merge with Uber Eats".
"Didi fully supports Grab's acquisition of Uber's Southeast Asian operations, and looks forward to continuing a long-term relationship with Grab as a strategic investor", a Didi representative told Caixin.
Aside from food and ride-hailing, Grab is also launching financial and payment products, such as micro loans, insurance, and payment services to "underserved and unbanked consumers" in the region. As part of the deal, Uber now has a 27.5 percent equity share in Grab. He also added, "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". "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. SoftBank gained two seats on Uber's board of directors through its investment.
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Because this - this - is not cutting it", he said, pointing at the white-domed Capitol behind the stage. It was the latest display of frustration by students with the national debate on gun control .