The popular ride sharing and food delivery company Uber sells its operation in South East Asia, and the company sold its operations to the rival Grab. The United States based Uber took the decision of selling the operation of South East Asia after facing a huge competition.
With this deal, the battle between the ride-hailing organizations and marking the US-based company’s latest retreat and international markets. Moreover, Uber will receive a 27.5% stake in the business in return.
Speaking about the Grab, the company was founded in 2012 and it is a Singapore based company. Grab also provide services like ride-sharing and food delivery just like the Uber, and Grab has been dominated in both the services in Singapore as well as the South East Asian region. Well, now the new deal will definitely give Grab an upper hand in the business. In terms of the value of the deal, the company has not made it public.