Uber pulls out of SE Asia with seizure by rival Grab

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"We have faith that many of Uber's employees are as committed to improving the lives of people in Southeast Asia as we are".

Grab, which started out as a taxi-hailing app in Kuala Lumpur in 2012, became the region's dominant ride-hailing service in past years with $4 billion raised from investors.

Uber said Monday that it sold its business in eight Southeast Asian countries to competitor Grab.

Liboro added that Grab, through lawyer John Paul Nabua, assured the privacy watchdog of its continued cooperation and compliance with Philippine data privacy and protection laws.

The president of Grab; Ming Maa said to Reuters that Uber and Grab had stepped up with the latest collaboration idea all by themselves, though SoftBank seemed highly supportive about the acquisition.

Uber has already invested $700 million in Southeast Asia, according to the person familiar with the sale. However, Grab would be the representative unit for both apps in Southeast Asia. Grab, on the other hand, managed to make e-pay work in nations that lacked financial infrastructure. Instead, it may have imposing its high-tech systems and flaky ideologies from above on populations which are quite capable of growing their own, more sympathetic and cheaper versions, as pointed out in a previous Tech Wire Asia article.

"Grab provides enough promotions for my liking, and even if sometimes they don't, I don't mind paying the full price", said Choltanutkun Tun-atiruj, a magazine writer, who said she preferred Grab's services and relied on it in her everyday life.

A ComfortDelgro taxi passes Uber and Grab offices in Singapore March 26, 2018. According to reports, the company suffered $4.46 billion (roughly Rs. 28,900 crores) in losses a year ago, but improved over time, losing $1.1 billion in the fourth quarter, compared with $1.5 billion in the third quarter. In the meantime, all Uber employees are on paid leave.

Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the ride-hailing firms said on Monday. Grab has more than 86 million mobile app downloads.

The deal will help bolster Grab's meal-delivery service, which will merge with Uber Eats, compete with Go-Jek. Lizada quoted PCC chairman Arsenio Balisacan as saying that PCC can only approve the deal if Uber has more than P2 billion worth of assets and finances, and if Grab, the acquiring party, has at least P5 billion worth of assets. "The PCC is now our last bastion for fair and reasonable conduct in the ride-sharing industry", he added.

While the industry's current approach of "throwing money at customers" can't last long-term, Felde said some rivals are well funded and could spark a "crazy war" for market share.