Calling Grab and Uber app users! Grab has acquired Uber’s operations in Southeast Asia. Which means all of Uber’s services in Southeast Asia will be moved to the Grab app.
The deal reflects Grab’s leadership position in the region, and it is the largest acquisition by a Southeast Asian internet company. Here are highlights of this large move:
- Grab is acquiring Uber’s rideshare and food delivery businesses in Southeast Asia, and integrating them into Grab’s leading transportation and fintech platform. In exchange, Uber will receive a 27.5% stake in Grab, which is reflective of the companies’ respective market shares.
- The acquisition reflects Grab’s transport market leadership in Southeast Asia – and Grab will also take over the Uber Eats operations to immediately, rebranding to GrabFood. This service will expand from two existing countries to all major Southeast Asian countries by next quarter. This will be another great use case to drive continued adoption of the GrabPay mobile wallet and support Grab’s growing Financial Services platform.
- The acquisition accelerates Grab’s path to profitability in its core transport business, as it’s the most cost-efficient Southeast Asian platform.
The terms of the deal reflect Grab’s strong and steady growth. In 2017 alone, Grab saw more than 2.5x growth in downloads, 4x growth in driver-partners and 5x growth in cities of operation.
Grab is now backed by the world’s two largest global ride-hailing companies (DiDi Chuxing and Uber), in addition to leading global investor SoftBank. All three companies have significant stakes in Grab and are committed to its continued success in Southeast Asia.
All of Uber’s services will be transitioned over to the Grab app by 8 April 2018. So you’ll be able to continue using the Grab app as you normally do. The prices of your journeys will remain the same, as fares will continue to be calculated based on a base distance, with a dynamic surcharge that will be applied based on factors including demand and supply in that particular point in time, traffic conditions and estimated time taken for the journey.
As for your Uber and Uber Eats account, according to Grab, “you can still view your past trips and ratings in the Uber app. Your Uber account remains active and can be used when you’re in any country outside Southeast Asia where Uber operates. Data that you previously shared with Uber (excluding payment information) will be transferred to Grab, but it will not be visible in the Grab app.” If you are new to Grab, you will have to register a new account on the app.
All your favourite restaurants on Uber Eats will be available in the new GrabFood app, plus even more new and exciting restaurants and food concepts will be added too. Your Uber Eats order history will remain on your Uber Eats app.
For more information, visit https://www.grab.com/my/comingtogether/.
Source: Grab
