Uber’s withdrawal from global business continued on Monday after the company announced that it was selling its Southeast Asian business to its rivals based in Singapore, Grab.
The agreement gives Uber shares of 27.5 percent in Grab and earns its director, Dara Khosrowshahi, a seat on Grab’s board of directors.
Uber is withdrawing from Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia. According to Bloomberg, this represents a region of 620 million people. The agreement includes the operation of UberEats.
Bloomberg also said the deal was brokered by the Japanese firm Softbank, which is the largest shareholder in both companies.
Uber has been forced to narrow its ambitions for business expansion because the company can not afford to continue losing money as it has so far. Uber lost more than $ 1 billion for the quarter in 2017.