Uber strikes agreement to merge its Southeast Asia business with Grab
29 March, 2018, 02:25 | Author: Shannon Aguilar
He pointed that after investing $700 million in the region, Uber will hold a stake "worth several billion dollars, and strategic ownership in what we believe will be the victor in an important global region".
Grab now is the biggest ride-hailing firm in Southeast Asia.
Cu said that this was an important milestone in the ridesharing industry. As part of the deal, Uber now has a 27.5 percent equity share in Grab.
He said that there will be a larger fleet of drivers on their platform which means that passenger transportation needs will be met faster.
Uber's services in the region - including ride hailing and UberEats - will be available for the next two weeks via the Uber app. The deal will also see UberCEO Dara Khosrowshahi joining the board of Grab. Financial details were not disclosed. We are excited for the next phase of our growth as we welcome Uber Southeast Asia into the Grab family.
For Grab co-founder and CEO Anthony Tan, the truce would bring to an end a bruising battle for leadership in a Southeast Asian ride-hailing market forecast to reach $20.1 billion by 2025. Of course, there is some variance in pricing between Grab and Uber prices so frequent Uber riders will have to take that into consideration. With the combined business, Grab is aiming to be the leading online-to-offline (O2O) mobile platform in Southeast Asia, as well as a major player in food delivery.
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The Grab in a statement said that it is buying Uber's ride-sharing and food delivery operations in the region.
For Softbank, the deal will help it "double down" on its plans for growth and invest in products and technology. 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.
The firms have said the deal will benefit customers but there are warnings that the deal will lead to higher prices for consumers.
"Our partnership with Uber will fuel our drive and passion for a better transport future even more".
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