There goes the competition, farewell Uber

March 26, 2018
45 Shares 5,364 Views

The singapore-based company, Grab have confirmed its acquisition of Uber’s South-east Asia operations. “This deal is the largest-ever of its kind in Southeast Asia,” ride-hailing service Grab said in a media release on Monday.

Countries affected by this merger are namely Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Uber will be taking a 27.5 % stake in Grab as part of the acquisition. Ubers’s CEO, Dara Khosrowshahi will also be joining the team at Grab.

Grab president Ming Maa added that the deal was “a very independent decision by both companies” and was “highly” supported by their common investor, Japan’s SoftBank Group.

Grab, which started out as a taxi-hailing app in Malaysia in 2012 and is now headquartered in Singapore, has become the region’s dominant ride-hailing service with US$4 billion raised from investors.

You may be interested

Technology Backfires as Group of Hackers Intercept Over 50,000 Household CCTV Cameras
Current Affair
247 views
Current Affair
247 views

Technology Backfires as Group of Hackers Intercept Over 50,000 Household CCTV Cameras

Nurul Adriana - October 13, 2020

In a world where technology is convenient and serves the purpose to make people’s life easier, there are definitely loopholes…

A Harmless Live Stream Ends with Death
Current Affair
316 views
Current Affair
316 views

A Harmless Live Stream Ends with Death

Nurul Adriana - October 5, 2020

Recently there has been a rise in social media stars, credited for their creative content on platforms such as Instagram,…

Bossiest Cat in Thailand Caught the Attention of Many
Lifestyle
258 views
Lifestyle
258 views

Bossiest Cat in Thailand Caught the Attention of Many

Nurul Adriana - September 30, 2020

The thought of just sleeping and eating your whole life sounds great isn’t it? It definitely is a great life…