UBER SET TO SELL SE ASIA OPERATIONS TO RIVAL GRAB

SAN FRANCISCO: Uber is selling parts of its Southeast Asia operations to local rival Grab, getting a piece of the action in the process, according to US media reports.

Grab is on the cusp of buying Uber’s business in some Southeast Asia markets in a deal that would give the California-based smartphone- summoned ride service a stake in its competitor, reported Bloomberg and the

The size of the stake could be around 20 percent or more than 30 percent, according to the reports, which cited unnamed sources.

Uber did not respond AFP request or comment.

The US ride share titan faces only from Singapore-based Grab but from Ola in India, and Chinese rival Didi Chuxing.

- bank has invested billions of dollars in Uber, Didi, Ola and Grab, and is known for seeking synergies between companies in its portfolio.

Didi and Uber ended a to an fero- cious battle in the surging Chi along the lines of the reported deal with Grab.

Southeast Asia’s top ride-hail in the Cambodian capital Phnom Penh late last year as it looked to lock down regional domination against main rival Uber.

Grab, which launched in 2012, has poured money into expand more than 2.1 million drivers in Singapore, Indonesia, the Philip -

Competition between ridehailing apps has been heating up in Southeast Asia’s rapidly expanding market, which is fore to $13.1 billion by 2025, accord

While ridesharing giant Uber is the US-based company has been rocked by scandals and is facing Asia and Europe.