Grab Announces Integration of Uber in Southeast Asia
Uber made another retreat in Asia as the ride-hailing firm conceded its Southeast Asian business to Grab earlier this week.
Grab president Ming Maa said that the decision was an independent one of both companies, while Uber CEO Dara Khosrowshahi said that the move will help them double down on growth plans as the invest more on products and technology. Uber will be taking a 27.5% stake in Grab and Khosrowshahi taking a seat on the board.
The acquisition is expected to put further pressure on Indonesia’s Go-Jek, which is backed by Alphabet Inc. and Tencent Holdings.