Uber plans to sell South-east Asia business to Grab

Uber plans to sell South-east Asia business to Grab

Late a year ago Uber sold off its business in China to a competitor, and now it looks like the Southeast Asia region could follow a similar path.

The report does mention that a deal has not yet been reached between the two parties and it's also uncertain how long it might take before a deal can be clinched.

Singapore-based Grab offers its ride-hailing services in more than 100 cities across Southeast Asia.

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It looks as though the ride-sharing giant Uber could be making a retreat out of Southeast Asia.

The report added that the move would mimic Uber's strategy in China, where the company sold its operation to Didi for 20 per cent ownership, and in Russian Federation, where the company merged its local business with Yandex's ride-hailing business for a 37 per cent stake. Selling their Southeast Asian division would help the company reduce costs for its planned initial public offering (IPO) as soon as next year says CNBC sources.

Reuters had reported in November that SoftBank Group's multi-billion dollar investment in Uber had opened up the possibility of combining it with other ride-hailing assets that the Japanese group owns. For those not in the know, Uber reportedly experienced a $4.5 billion loss in 2017 in their push to dominate the ride-sharing industry. Competitors like Grab are also building out global payments platforms. An Uber investor told Reuters that shutting its Southeast Asia unit would allow the company to "print money" and make an IPO more realistic.

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