Uber has sold its Southeast Asian business to its competitors, Singaporean rival Grab valued at $6 billion. Rumours of the sell-off have been in the air for quite some time, Uber has sold its business in similar arrangements since 2016, when it sold to Didi in China for 20 percent ownership, and in Russia where they sold to local company Yandex for a 37 percent stake. The objective of the sale? To help Uber reel in its expenses in preparation for an IPO as soon as next year. This is the end of Uber for SEA, so from now on stick to Grab or Go-Jek for any online transportation services.
Grab’s will take over Uber in Southeast Asia
- April 4, 2018
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