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Uber take off its business from Southeast Asia

Jakarta -Uber took off its business in Southeast Asia to fellow rival hawking company Grab.

As reported by Bloomberg, the two companies have just reached an agreement to be announced officially on Monday morning (26/3) in Singapore.

Under the deal, Uber holds a 25% -30% stake in the Grab business. Tour hailing competition in Southeast Asia now practically left Grab and Go-Jek after Uber decided to leave.

The consolidation step is not separated from the SoftBank Group initiative as an injection of capital Grab, Uber, and Didi Chuxing in China. Softbank encourages all its business units to consolidate in order to increase the profitability of its business globally.

The departure of Uber in a regional area is not something new. Previously Uber also took off his business in China to its competitors Didi Chuxing. Instead, Uber gained a 17.5% stake in Didi Chuxing.

Not only that, Uber also took off its business unit in Russia to the company’s Internet service provider Yandex when Dara Khosrowshahi took over the position of CEO Uber replace Travis Kalanick.

Uber as it is known to intensively improve the company’s cash flow to prepare to go public next year. Withdrawing from the Southeast Asian market is one of Uber’s breakthroughs to boost profitability.

As is known, since Uber was first established already spent US $ 10.7 billion for expansion in various regions. Uber is focusing its business on several major markets such as Japan and India.

Grab is South East Asia’s largest online transport provider application platform that records 86 million downloads. Grab is available in over 200 cities in Indonesia, Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia.

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Written by DI

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