The acquisition sees Grab pick up Uber's services and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, while Uber CEO Dara Khosrowshahi takes a seat on Grab's board. Ending the long battle between the two ride-hailing firms, Uber will make its exit from the region in the upcoming months, and current users will have just two weeks left to book rides with the app. Khosrowshahi said that it will assist us in dueling down on our suggestions for expansion as we expend deliberately in the products and technology to generate the supreme customer experience on the planet. As you might have heard, history appears to be repeating itself as Uber is also reported to be giving up its Southeast Asia operations to another competitor, Grab. Around 500 Uber employees in Southeast Asia would move over to Grab.
Grab is a rapidly expanding ride-sharing, food delivery and financial services provider in the region. In its largest market Indonesia, it also offers services such as digital payments, food delivery and on-demand cleaning and body massage. Like the prior transactions, the deals free Uber to invest in other, more lucrative markets, while granting the company a stake in their competitors' expanding businesses, experts say.
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The next stage of growth for Grab, the building of a Southeast Asia leading online-to-offline mobile platform, is now a possibility with the acquisition of Uber's services in the region...
In addition to promising better welfare, Ridzki also ensured that the transfer of Uber drivers to Grab will run smoothly. Early past year, Didi invested $100 million in USA -based Lyft, Uber's main rival at home.
Grab has always been the dominant force in ride-hailing in Southeast Asia and speculation mounted that a deal with Uber was on the cards after Japanese financial titan Softbank invested huge sums in the USA firm.
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He wrote: "It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind, from China to Russian Federation and now Southeast Asia".
Uber has completed 5 billion trips worldwide serving 40 million riders in total by 2 million drivers.
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