Having already exited the Chinese and Russia markets due to the strength of local competitors, ridesharing service Uber says it’s pulling out of the Southeast Asian market, too.
Announced on Monday morning local time, Uber has agreed to sell its ridesharing business in Southeast Asia to its main competitor in the region, Grab, which is backed by Japanese telecoms giant SoftBank and Didi Chuxing, the leading ridesharing firm in China.
Its UberEATS meal-delivery operation is also part of the deal.
Founded in Singapore in 2012, Grab operates across eight countries, including Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
The Uber app will work for two more weeks, giving drivers a chance to sign up to Grab.
In a deal similar in many ways to those inked with rivals in China and Russia over the last two years, Uber will get a 27.5 percent stake in Grab.