CW8888: Look like the fight in Singapore is between Grab and Comfortdelgro. Did Comfortdelgro got screwed by Uber?
Uber is preparing to sell its Southeast Asia business to Singapore’s Grab in exchange for a sizable stake in the company, according to two sources with knowledge of the matter.
No deal has been reached yet, and the timing of any such deal is uncertain.
Grab provides private car, motorbike, taxi and carpooling services in more than 100 cities across Southeast Asia. The company claimed to have 95 percent market share in taxi ride-hailing when it announced plans to raise more than $2.5 billion from SoftBank and other investors in 2017.
The move would mimic Uber’s strategy in China, where the company sold its ride-hailing operation to Didi for 20 percent ownership, and Russia, where the company merged its local business with Yandex’s …