Photo: Hemant Mishra/MintSan Francisco: Uber is selling parts of its Southeast Asia operations to local rival Grab, getting a piece of the action in the process, according to US media reports. Grab is on the cusp of buying Uber’s business in some Southeast Asia markets in a deal that would give the California-based smartphone-summoned ride service a stake in its competitor, reported Bloomberg and the Wall Street Journal. The US ride share titan faces fierce competition in Asia, not only from Singapore-based Grab but from Ola in India, and Chinese rival Didi Chuxing. Japanese financial titan Softbank has invested billions of dollars in Uber, Didi, Ola and Grab, and is known for seeking synergies between companies in its portfolio. Southeast Asia’s top ride-hailing firm Grab launched services in the Cambodian capital Phnom Penh late last year as it looked to lock down regional domination against main rival Uber.

Source: Mint March 09, 2018 10:52 UTC