Uber To Sell Its Southeast Asia Business To Rival, Grabs
It is no longer news that the ride-hailing giants has businesses in most part of the world including Southeast Asia , but the news is that Uber today Monday, signed a deal to sell its business to SouthEast Grab , it"s rival in the region. As part of the procurement, Uber will take a 27.5 percent stake in Grab, with Uber CEO Dara Khosrowshahi joining Grab"s board. Grab will take over all of Uber"s businesses, including its ride-sharing, food delivery and payments and financial services in Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, according to a statement. Asia isn"t the first place Uber is retreating. The ride-hailing company sold its operation in China to Didi Chuxing its rival, which is one of the country"s biggest ride sharing provider, in August 2016. Rumours about Grab’s acquisition have been swirling since Softbank an investor with Grabs confirmed its investment in Uber last December. Grab has raised more th...