Grab vanquishes Uber with local strategy, billions from SoftBank

The Grab logo is displayed for a photograph on an Apple Inc. iPhone in Bangkok, Thailand, on Friday, March 9, 2018. Grab, the dominant ride-hailing service in Southeast Asia, is close to finalizing a deal to acquire Uber Technologies Inc.'s business in the region and may sign a deal this week or next, according to people familiar with the matter. Photographer: Brent Lewin/Bloomberg

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.