Uber Southeast Asia now absorbed into Grab
Ride-hailing company Grab on Monday took over Uber’s operations in Southeast Asia in the largest deal of its kind in the region.
Grab chief executive and co-founder Anthony Tan said in a press release that Grab would integrate Uber's ridesharing and food-delivery business in the region into its existing multi-modal transportation and fintech platform.
With the combined business, Grab aims to be the region’s No 1 online-to-offline mobile platform and a major player in food delivery.
Tan said Grab provides safe and affordable transport, food and package delivery, mobile payments and financial services.
These will be extended as it takes over Uber’s operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
As part of the acquisition, Uber will take a 27.5-per-cent stake in Grab and Uber chief executive Dara Khosrowshahi will join Grab’s board.
