Uber sells its Southeast Asia business

Uber chief Dara Khosrowshahi has been pushing to clean up the company’s financials in preparations for an initial public offering next year

Uber sells South East Asia business to Grab

Bloomberg first reported the deal.

And, according to the Financial Times, the deal could pave the way for a similar departure in India, where Uber has met with fierce competition from local rivals Ola. It will also take over Uber's operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Less than two years ago, Uber did much the same thing in China, when it ceded control of the market to rival Didi Chuxing.

Grab said Monday that Uber will take a 27.5 percent stake and a seat on its board as part of the deal.

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While SoftBank and Didi are big investors in both companies, the deal considered to be huge for Grab, which has about 5 million drivers in 195 cities, recording 90 million downloads of its app and now valued at $6 billion.

The merger will help launch Grab's food delivery service called GrabFood in all major southeast Asian countries in the next quarter, said Grab Co-founder said Tan Hooi Ling. But its latest exit suggests Uber is more than ever dependent on its home market of North America, not unlike Khosrowshahi's previous US -centric employer, Expedia Inc.

At the start of this year, the Japanese tech conglomerate SoftBank invested $9.3 billion in Uber and told the company to focus on its "core markets" in the U.S., Europe, Latin America and Australia.

Grab will continue to enhance and expand its suite of offerings under Grab Financial, including mobile payments, micro-financing, insurance and other financial services for millions of underserved and unbanked consumers, micro-entrepreneurs and small businesses in the region.

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Grab has acquired Uber's Southeast Asia operations. They stated that their stake is worth several billion dollars, and that includes their food delivery service, Uber Eats. Rumours about Grab's acquisition have been swirling since Softbank, an investor in Grab, confirmed its investment in Uber last December.

As Uber prepares for its Initial Public Offering (IPO), CEO Khosrowshahi has been trying to clean up the company's financials.

Khosrowshahi signalled during a trip through Asia last month that he's committed to other key markets such as Japan and India.

This deal will give Grab a strong holding in Southeast Asia, giving tough competition to its Indonesian rival Go-Jek, which is backed by Google and Tencent Holdings.

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