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Journalism Tech

Uber Partner Picks Up $1.5 Billion From SoftBank

2019 03 08grab

That’s the headline on a story out Wednesday that I wrote with my colleague Saurabh Chaturvedi. It begins:

SINGAPORE—Southeast Asian ride-hailing company Grab Holdings Inc. has raised $1.46 billion in fresh funding from Japan’s SoftBank Group Corp., which it will use to fuel its expansion beyond transportation services.

That brings the total from Grab’s latest fundraising round, over the past year, to more than $4.5 billion, the company said Wednesday. The SoftBank investment is through the conglomerate’s Vision Fund, which has stakes in some of the world’s most valuable tech companies.

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Journalism Tech

Hot on the Wheels of Grab, Go-Jek Rides Further Into Southeast Asia

gojek southeast asia

That’s the headline of a story out Thurs. that I wrote with my colleage P.R. Venkat. It begins:

Motorcycle-taxi service PT Go-Jek Indonesia will invest $500 million to expand its operations in Southeast Asia, revving up competition in a fast-growing consumer market just two months after Uber Technologies Inc. reached a landmark deal to exit from the region.

The Indonesian company said in a statement Thursday it plans to enter Vietnam, Thailand, Singapore and the Philippines in the next few months and is currently working with regulators and stakeholders across the region.

Go-Jek will initially offer motorcycle-hailing services in Vietnam, Thailand and the Philippines, and provide traditional taxi services in Singapore, where motorcycle taxis aren’t permitted, a company spokesman said. The move, in effect, puts Go-Jek in direct competition with regional market leader Grab Inc.

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Journalism

Uber Agrees in Principle to Exit Southeast Asia for Stake in Rival

2018 03 10traffic

That’s the headline of my newest story, which I wrote with my colleagues Greg Bensinger and Julie Steinberg. It ran late Thursday, and begins:

Uber Technologies Inc. has reached an agreement in principle to sell most of its Southeast Asia operations to local rival Grab Inc., ending a costly fight for market share in the fast-growing region, according to people familiar with the matter.

In exchange for its operations in Southeast Asia, Uber would gain a roughly 30% stake in Grab, these people said. The two companies are still hashing out the final terms of the pact, the people said, cautioning any deal would be subject to regulatory scrutiny. One of the people said Uber’s stake in Grab could wind up being smaller.

Uber was spending some $200 million annually to take on Grab and another upstart in the region, GoJek, two of the people said. Go-Jek, a motorcycle-taxi service based in Indonesia, recently raised more than $1 billion in funding from KKR & Co. and Tencent Holdings Ltd., among others.

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Journalism Tech

Uber Battles Ride-Sharing Startups in SoftBank ‘Family’

2018 03 04uber sb

That’s the headline of my newest story, which I wrote with my colleage Mayumi Negishi, out today. It begins:

SoftBank Group Corp., the world’s biggest technology investor, has poured some $20 billion into ride-sharing companies around the globe, including Uber Technologies Inc.

Now, those companies are spending at least some of SoftBank’s money to battle each other.

In Japan, Uber is gearing up to fight China’s Didi Chuxing Technology Co., which is planning to enter the market after an investment by SoftBank of around $10 billion.

In India, Uber is facing off with local champion ANI Technologies Inc.’s Ola, in which SoftBank has about a 30% stake and a board seat. SoftBank invested $7.7 billion in Uber for a 15% stake this year.

Uber and Ola are also grappling in Australia, where Ola started operations in February. Uber in Southeast Asia is trailing Singapore’s Grab Inc., whose president joined from SoftBank in 2016 following its $750 million investment in the company.

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Journalism Tech

By Me Today: Uber Hits Roadblocks in Southeast Asia

2017-11-28ubergrab

The story begins:

SINGAPORE—When Uber Technologies Inc. retreated from China last year after conceding a costly battle with a local rival, the ride-hailing giant vowed to devote new resources to winning other lucrative markets in Asia.

Since then, Uber has suffered setbacks in Southeast Asia, a region of 600 million people, where it has been outflanked by another local player, Grab Inc., which is gobbling up market share. Grab has expanded more rapidly, been more nimble in meeting local preferences, analysts say, and has forged better relations with regulators.

Grab has more monthly active users than Uber across six Southeast Asian countries, according to app analytics firm App Annie, while a May report from consultancy Bain found users across the region prefer Grab to Uber.

Now Uber investors and analysts believe the region may be the next to be ceded by Uber, which withdrew from Russia in July.

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