Uber to sell Southeast Asian business to Singapore-based rival
Updated:7 years, 7 months ago
New Delhi, 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. 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.
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