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Uber drivers to migrate to Grab's platform in 2 weeks

28 March, 2018, 00:47 | Author: Priscilla Morrison
  • Uber will shut down its Thailand app services from April 8. Image Screengrab  Uber

Uber is paring back more of its loss-making operations with the announcement on Monday that it is retreating from the Southeast Asian market.

Grab's acquisition of Uber's Southeast Asia business has been described as the largest of its kind in the region.

Grab has always been the dominant force in ride-hailing in Southeast Asia and speculation mounted that a deal with Uber was on the cards after Japanese financial titan Softbank invested huge sums in the USA firm.

The Philippine Competition Commission (PCC) on Tuesday said it can still block the Grab-Uber deal even if the transaction's value is smaller than what was set under the anti-trust regulations.

Grab and Uber's merger marks the monopolization of the ride hailing industry in the country, with the Singapore-based Grab controlling all of the 66,750 transport network vehicle service (TNVS) units allowed by the LTFRB.

Grab President Ming Maa told Reuters that SoftBank CEO Masayoshi Son was "highly supportive" of the deal, which he called "a very independent decision by both" Grab and Uber.

Uber suggested current clients and users to download the Grab app and create an account. Image Screengrab  Grab

"It will help us double down on our plans for growth".

Uber also subsidizes rides and drivers in many markets to compete with rivals in its push gain market share.

As a result of the merger, Uber employees that are sacked would eventually be re-hired by Grab, said Nancy.

Grab, launched in 2012, has poured money into expanding its regional fleet and now operates in 195 cities in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.

Soon after the speculations broke out, Grab's head of people, Chin Yin Ong, posted a video on LinkedIn in which she assured Uber employees that Grab will be reaching out to them, as well as inviting affected employees to a joint town hall which will be hosted later today (27 March at 4.30pm). And in 2016, Uber sold off its local operations to the dominant Chinese ride sharing service, Didi Chuxing.

Competition between ride-hailing apps has been heating up in Southeast Asia, with the market forecast to grow more than five times to Dollars 13.1 billion by 2025, according to a 2016 report by Singapore sovereign wealth fund Temasek. Uber has been losing almost $1 billion per quarter. The app quickly caught up to Uber's modern standards by going cashless and offering private cars, motorbikes, and dock-less bike-sharing. According to reports, the company suffered $4.46 billion (roughly Rs. 28,900 crores) in losses a year ago, but improved over time, losing $1.1 billion in the fourth quarter, compared with $1.5 billion in the third quarter.




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