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Uber sold its Southeast Asian business to bigger regional rival Grab in March in exchange for a stake in the Singapore-based firm, following similar deals by the U.S. firm in China and Russia.
SINGAPORE (Reuters) -Grab Holdings, the largest ride-hailing and food delivery firm in Southeast Asia, clinched a merger on Tuesday with special-purpose acquisition company Altimeter Growth Corp ...
Grab Holdings Inc. is a Singaporean multinational technology company headquartered in One-North, Singapore.It is the developer of a super-app for ride-hailing, food delivery, and digital payment services on mobile devices that operates in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam.
Grab, Uber's rival in Southeast Asia, acquires Uber’s Southeast Asia operations. As part of the acquisition, Uber will take a 27.5% stake in Grab. [57] April 12: International expansion: Uber launches in Buenos Aires, Argentina amidst claims of illegality and taxi protests. [58] May 7–9: Local retreat
In May 2018, Uber merged its operations with Grab to form Grab. [49] Later on, more taxi operators also came into the scene including the conversion of trial-based electric taxi operator HDT Taxis (Hold Dreams Together) to a full-scale taxi licence.
Singapore ride-hailing firm Grab Holdings said it is cutting over 1,000 jobs or 11% of its workforce to cut costs and keep the company competitive, in its biggest round of job cuts since the pandemic.
Grab: 14 March 2019 [637] December 2021 [638] SPAC merger 40 Singapore Anthony Tan, Tan Hooi Ling: Pinterest: 13.0 July 2018 [639] April 2019 [640] IPO 10.0 United States Ben Silbermann, Paul Sciarra, Evan Sharp Snowflake: 12.4 Feb 2020 [641] Dec 2020 [641] IPO 33 United States Benoit Dageville, Thierry Cruanes, Marcin Zukowski Robinhood: 11.7 ...
The arrangement would give Grab all of Uber's operations in the region (including UberEats) in return for a stake between 25 to 30 percent in the combined business.