Uber is pulling out of Southeast Asia because Grab is both better funded, better managed, and better localized in the region. Grab was founded in 2012 by Anthony Tan and Tan Hooi Ling. The company is based in Singapore and it offers ride-hailing services in most Southeast Asian countries, serving 168 cities in that area. As of November 2017, Grab claims to have over 2 million drivers, 3.5 million daily rides, and more than 68 million downloads. In the past 6 years, Grab has become the main player in the region despite the major influence and recognition of Uber for three main reasons: money, management, and localization. In the deal to sell its branch in Southeast Asia, Uber will receive a 27.5% stake in Grab–worth $1.6 billion–and Uber’s CEO, Dara Khosrowshahi, will become part of Grab’s board of executives. Grab will assimilate Uber’s business in the region as well as subsidiary UberEats. Uber has previously withdrawn from regions in which it had tried to expand as a resul
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