Uber's exit from Southeast Asia to not impact its India operations

Uber Sells Southeast Asian Operations to Rival Grab

Uber Sells Southeast Asian Operations to Rival Grab

The value of the deal has not been disclosed yet.

Uber's services in the region - including ride hailing and UberEats - will be available for the next two weeks via the Uber app. For instance, Grab let passengers text drivers via a chat feature within the app with in-built automated translation feature.

Kindly note, In this exchange (strategic retreat), Uber will take a 27.5% stake in Grab.

The withdrawals highlight the limits of the company's aggressive efforts to dominate ride-hailing in dozens of countries around the world.

Grab has been seeking to dominate the regional market for vehicle and motorbike hailing and has expanded into other areas, recently announcing plans to partner with a Japanese credit card company to provide credit to millions of people without bank accounts.

"We understand it's been an emotional and trying day for Uber's employees in Southeast Asia".

Gun maker Remington files for bankruptcy
While Remington was cleared of wrongdoing, the protracted legal battle caused many investors to divest from the company. Profit growth at Sturm, Ruger & Co.is under severe pressure and the company's shares are down 18 per cent this year.

While SoftBank and Didi are big investors in both companies, the deal considered to be huge for Grab, which has about 5 million drivers in 195 cities, recording 90 million downloads of its app and now valued at $6 billion.

"I'm conscious that much of the hard work happened before I arrived, and I want to recognize the operations you have built across these eight countries". Uber launched its services in Cambodia just a few months later.

Khosrowshahi has already begun to narrow Uber's losses, shifting the company's strategy from growth-at-all costs to a more measured, pragmatic approach. Preparation has been hard after the group lost $4.5 billion in 2017 as well as face high levels of competition in Asia and face a regulatory crackdown in Europe. SoftBank also invested in other ride-hailing firms, such as Grab, China's Didi Chuxing, and India's Ola.

At the start of this year, the Japanese tech conglomerate SoftBank invested $9.3 billion in Uber and told the company to focus on its "core markets" in the U.S., Europe, Latin America and Australia. Misra made the remarks shortly after becoming an Uber board member as part of the SoftBank investment.

Global ride-hailing major Uber has reportedly agreed to sell its Southeast Asian business to its regional rival in the area Grab.

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