As Uber Technologies Inc. looked to conquer ride-sharing around the world, Grab was focused on serving the 620 million people that share its home in South-East Asia.
Helped by the deep pockets of SoftBank Group Corp, Grab emerged the winner on Monday when Uber agreed to swap its business in the region for a 27.5% stake. The deal is a vindication for co-founder Anthony Tan’s strategy of tailoring services to local needs and working with incumbent taxi operators instead of against them.
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