Vertex Ventures, Grab’s first investor, told VIR in an exclusive interview that the startup will not monopolise the Vietnamese ride-hailing market after its controversial merger with Uber earlier this week. Vertex Ventures According to Carmen Yuen, partner at Vertex Ventures, Grab will not become the only player in Vietnam’s booming market for ride-hailing services, even after it merged with Uber, its major competitor in Southeast Asia. The investor told VIR that a newcomer will soon break into the scene and challenge Grab’s dominant position in the region, including Vietnam. “I am sure some wealthy investors will back another company and compete with Grab,” said Yuen during the Invest ASEAN 2018 conference held by Maybank Kim Eng in Singapore this week. Vertex Ventures was the only investor in Grab, formerly GrabTaxi, during a Series A fund-raising round in 2014. The merger between Grab and Uber has sparked fears over a potential monopoly … [Read more...] about Grab will not monopolise Vietnamese market, true?
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Nguyen Tuan Anh, CEO of Grab Vietnam, claimed that no business in the ride-sharing sector could offer discount programmes forever, which was among reasons customers grew fond of Uber The acquisition between Grab and Uber raised quite a controvesy among riding service users, especially due to the threat of Grab monopolising the fast growing and highly profitable market in Southeast Asia, including Vietnam. Ride-sharing giant Uber conceded defeat to Grab in eight markets in Southeast Asia, including Thailand, Indonesia, Singapore, the Philippines, Malaysia, Vietnam, Myanmar, and Cambodia. Nguyen Cong Hung, chairman of the Hanoi Taxi Association, stressed the high odds of Grab becoming the price-setter as well as having absolute power over the ride-hailing market. Addressing concerns over the acquisition, Nguyen Tuan Anh, CEO of Grab Vietnam, claimed that, "Customers are naturally drawn to discounts and rewards, yet no business in the ride-sharing sector could offer discount … [Read more...] about Uber exit threatens Grab monopoly in Southeast Asia
The Ministry of Industry and Trade (MoIT) of Vietnam has requested Grab to report on its purchase of Uber in the Southeast Asian market, including Vietnam. Talking to the Vietnam News Agency on March 28, deputy head of the ministry’s Vietnam Competition Authority (VCA) Trinh Anh Tuan said that his office had sent a dispatch asking the Singapore-based GrabTaxi Holdings Pte Ltd to provide all related information and documents on this deal. According to Tuan, the requirement conforms with clause 2, Article 7 of the Law on Competition which stipulates that the MoIT has the responsibility for controlling all economic concentration activities in the Vietnamese market. Under the Law on Competition, Merge and Acquisition (M&A) deals which greatly affect market competition will be limited. Therefore, a report on Grab’s purchase of Uber must be sent to the VCA so that it can assess competition impacts before and after the deal is done. In addition, Grab and Uber have to ask … [Read more...] about Grab asked to provide documents related to Uber purchase
Every Uber driver, taxi and motorbike drivers alike, will be transferred to Grab from April 8, the date when Uber officially withdraws from Southeast Asia. Uber drivers to be transferred to Grab on April 8 This morning, all Uber drivers received a notification that after Uber officially stops its operations in Southeast Asia and Vietnam, they will become partners of Grab. Accordingly, drivers who want to work for Grab will have to register to join Grab and then their accounts will be automatically transferred to Grab. The Uber app will remain available until April 8. Following the deal, Grab will take over Uber’s operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Responding to concerns that the merger will sharply increase the fleet of Grab, causing fierce competition between Grab drivers, a representative of Grab stated that after the merger, Grab hopes to inherit Uber’s customer base, … [Read more...] about Uber drivers to be transferred to Grab on April 8
Uber Technologies Inc. has agreed to sell its Southeast Asian ride-hailing business to Grab, exchanging it for a 27.5 per cent stake in the firm. Grab merges with Uber in Southeast Asia Grab today announced that it has acquired Uber’s Southeast Asian operations. Grab will integrate Uber’s ridesharing and food delivery business in the region into its existing multi-modal transportation and fintech platform. Following the deal, Grab will take over Uber’s operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. As part of the acquisition, Uber will take a 27.5 per cent stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. The deal marks a new era of growth for Grab. In terms of food delivery, Grab will rapidly expand its existing GrabFood businesses in Indonesia and Thailand to two more countries—Singapore and Malaysia—following the integration of the Uber Eats … [Read more...] about Uber sells Southeast Asia ops to Grab