Another chapter in Uber’s global ambitions closed this week with the news that the ride-hailing giant was folding its Southeast Asia business into Grab, retaining a 27.5 percent stake in the new business that spans Malaysia, Indonesia, Singapore, the Philippines, Thailand, Vietnam, Cambodia, and Myanmar.
Singapore’s competition watchdog is scrutinizing the merger, but the move illustrates a broader trend as Uber focuses on fights it can win and forms alliances when it can’t.
In 2016, the San Francisco-based company sold its Chinese arm to local etaxi giant Didi Chuxing in a $35 billion deal.
Rumors emerged this week that Uber is looking at further consolidation in India, where Ola currently leads the ride-hailing market.
Japanese technology giant SoftBank, now a venture capital powerhouse in its own right, has invested in all the aforementioned companies — including Uber.
Uber has raised more than $20 billion in funding since its inception as it has worked to bring its service to nearly every market on Earth.