Explorer

Uber to sell Southeast Asian biz to Singapore-based rival

Washington D.C. [USA], Mar. 26 (ANI): Amid fierce competition, ride-hailing app Uber is reportedly selling its Southeast Asian share of the business to Grab, its Singapore-based competitor.

The deal, which was signed for an undisclosed amount, will leave Uber with a 27.5 percent stake in Grab under the agreement, according to CNN Money.

The deal also includes the sale of all of Uber's operations in the region, including its food delivery service, Uber Eats, thus helping Grab venture into the food delivery space.

The move follows a massive investment that was made in Uber earlier this year by Japan's SoftBank Group, who has also invested a significant share in Grab, China's Didi Chuxing and India's Ola.

In 2016, Uber had sold its China operations to Didi Chuxing in a landmark deal that was perceived to be the end of Uber's vision to dominate one of the world's largest markets. This was followed by the sale of the company's operations in Russia in 2017 to its counterpart Yandex, in exchange for a 37 percent stake in the combined venture.

On a related note, Grab offers ride-hailing and logistics services through its app in Singapore and neighbouring Southeast Asian nations such as Malaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar, and Cambodia. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

J&K CM Omar Says People Found Their Voice Through Special Status Resolution; BJP Threatens To Run ‘Parallel Govt’
J&K CM Omar Says People Found Their Voice Through Special Status Resolution; BJP Threatens To Run ‘Parallel Govt’
Maharashtra Polls: PM Modi’s 'Ek Hai, Toh Safe Hai' Remark After Adityanath's 'Batenge, Katenge' Slogan — WATCH
WATCH: PM Modi’s 'Ek Hai, Toh Safe Hai' Remark After Adityanath's 'Batenge, Katenge' Slogan
IND vs SA 1st T20I Live Score: Miller & Klaasen Revive South Africa's Innings But India Still On Top
IND vs SA 1st T20I Live Score: Miller & Klaasen Revive South Africa's Innings But India Still On Top
J&K: Bodies Of 2 Village Defence Guards Recovered In Kishtwar, Protests Erupt As Search For Terrorists Underway
J&K: Bodies Of 2 Village Defence Guards Recovered In Kishtwar, Protests Erupt As Search For Terrorists Underway
Advertisement
ABP Premium

Videos

Marshals Remove BJP Legislators from J&K Assembly Amidst Growing TensionsAnchor Silences NC Spokesperson Over Article 370 and 35A Debate | ABP NewsJ&K Assembly: Dramatic Images Show BJP and Ruling Party MLAs in Heated ScuffleClash in J&K Assembly: Cameras Capture Khursheed Ahmad Sheikh’s Scuffle with BJP MLAs

Photo Gallery

Embed widget