- Grab has acquired the SEA operations of Uber and its food delivery business, Uber Eats.
- Uber will receive a 27.5% stake in Grab.
- Uber CEO Dara Khosrowshahi will join Grab’s board.
- Grab plans to expand GrabFood to two new countries – Singapore and Malaysia – before rolling it out in all major SEA countries in the next quarter.
It’s confirmed: Ride-hailing giant Grab has acquired the Southeast Asian operations of its rival Uber.
In a statement on Monday (March 26), Grab said it is acquiring Uber’s rideshare and food delivery business, Uber Eats, in the region and integrating them into its own platform.
In exchange, Uber will receive a 27.5% stake in Grab and Uber chief executive Dara Khosrowshahi will join Grab’s board.
Grab said it will extend its leadership as the most cost efficient Southeast Asian platform, as it takes over Uber’s operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Grab’s group chief executive and co-founder Mr Anthony Tan said: “Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost efficiency in the region.”
“Together with Uber, we are now in an even better position to fulfill our promise to outserve our customers.”
Grab said it will expand its existing GrabFood businesses in Indonesia and Thailand to two more countries – Singapore and Malaysia – following the integration of the Uber Eats business.
Grab co-founder Tan Hooi Ling said GrabFood will be available in all major Southeast Asian countries in the next quarter.
Khosrowshahi added in the statement: “The deal is a testament to Uber’s exceptional growth across Southeast Asia over the last five years. It will help us double down on our plans for growth as we invest heavily in our products and technology to create the best customer experience on the planet.”
Earlier this year, Japan’s SoftBank Group Corp made a multi-million dollar investment in Uber. The company is also one of the main investors in several of Uber’s rivals including Grab and China’s Didi Chuxing.