Uber intends to sell its Southeast Asian business to Grab, as part of an exchange deal to acquire stake in Grab, according to a new report published on Feb 16, 2018.
Grab, a Singapore-based ridesharing company will be taking over the Southeastern Asian business of Uber, in exchange of providing Uber stakes in the company.
Uber earlier sold its business a company in China, called Didi, which is a dominant ridesharing startup in China, in 2016.
Kosrowshahi said, “The amount we’re investing in developing markets is a significant negative but that’s an optional investment. We think it should be on and it’s going to be on for a while. And the big bets, autonomous [driving and other bets], increase the negative. If someone says forget about all this stuff, all I want is the core and sell all the stuff, you’d have a business for a quarter was cash flow break even. I’m pretty darn confident we can turn the knobs to even on a full basis profitable if we wanted to, but you would sacrifice growth.”
This move of Uber reports has reported heavy losses on the company, while it would be able to regain its investments to enter those financials in order as it looks at an IPO. Both the company have been approached to confirm and reveal more information about their new deal, however, nothing has been heard from any lately.