Grab takes over Uber's Asia-Pacific operations

29 March, 2018, 02:23 | Author: Teresa Adams
  • New hires relax at a lounge area in a Grab office in Singapore Sept 23 2016

The move will affect Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam while Taxi drivers and private hire vehicle drivers can both use the Grab app with the option of GrabTaxi (Metered) for those who use metered fares. Once that date arrives, you'll have to use the Grab app (Android and iOS) if you want to hail a ride in this region. For instance, Grab let passengers text drivers via a chat feature within the app with in-built automated translation feature. Last year, Uber merged in Russian Federation with the taxi-hailing app of internet giant Yandex.

The withdrawals highlight the limits of the company's aggressive efforts to dominate ride-hailing in dozens of countries around the world. "We're excited to take this step with Anthony and his entire team at Grab, and look forward to Grab's future in Southeast Asia", said Dara Khosrowshahi, CEO of Uber. In such shaky close scenarios is Uber losing $4.5 billion in 2017, fierce competition at home as well as in Asia, and suffering a regulatory crackdown in Europe.

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Uber invested $700 million in its Southeast Asia business, less than the $2 billion it burned through in China before ceding its operations there to Didi. Grab will also be incorporated with UberEats in three of these countries, according to the next web.

Exiting those markets is a remarkable shift in Uber's strategy. Uber launched its services in Cambodia just a few months later. Khosrowshahi has promised employees that consolidation isn't going to become the company's strategy going forward. These got stronger after SoftBank - an investor in Ola - joined Uber as an investor committing over $1 billion in the US-based firm. The merging of Uber Eats will further give Grab an advantage over Go-Jek, which also has a vast range of services apart from ride hailing. But Khosrowshahi believes the company needs to be more focused on its operations. Misra made the remarks shortly after becoming an Uber board member as part of the SoftBank investment.

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Ride-hailing giant Uber is selling its business in Southeast Asia to regional rival Grab while gaining a robust stake in the fast-growing ridesharing, food delivery and financial services business.

But Khosrowshahi indicated that Uber does not have plans to quit India or other major markets anytime soon. "The answer is no".

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