Connect with us

News

Uber Pulls Out Of South East Asian Market – Sells To Grab

Published

on

Global taxi hailing startup Uber Technologies Inc., is withdrawing its South East Asian operations and has agreed to sell its business to rival Grab.

According to reports, the US based ride hailing firm has reached an agreement to sell its business to the bigger, regional rival Grab. This move marks the second time the company had to retreat from Asia. As per the agreement, Uber would get a 30% stake in the combined business while Grab will acquire all of Uber’s operations including their food delivery service UberEats. Uber’s Chief Executive Officer Dara Khosrowshahi will join the board of the Singapore based company, post the transaction. The transaction would also value Grab at $6 billion, the same valuation it commanded in its most recent capital raising.

Speaking about the acquisition Grab’s Chief Executive Officer Anthony Tan said, “Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost efficiency in the region.” The cease fire also marks a victory for the Japan based venture capital firm SoftBank Group Corp., who is currently the biggest shareholder in both companies. The venture firm has been pushing to reduce competition in the Southeast Asian ride hailing market in order to reach a market capitalization of $20.1 billion by 2025.

This is the third time the company sold one of its businesses to rivals in foreign markets. In 2016, Uber had to sell its business in China to Didi Chuxing after a fierce battle in which both the companies burned through cash to court drivers and riders with rich subsidies. In 2017, Uber had to negotiate a similar deal in Russia selling the firm’s Russian business to the ride hailing firm Yandex.

After Dara Khosrowshahi took over as the chief executive officer, the company has been focusing on cleaning up the company’s financials preparing for the initial public offering set for next year. However, according to Khosrowshahi, the company is committed to key markets such as Japan and India. In a statement, Khosrowshahi said, “(The deal) will help us double down on our plans for growth as we invest heavily in our products and technology.”

Founded in 2012 in Kuala Lumpur, Grab is one of South East Asia’s dominant ride hailing service. In the past 4 years, the company has managed to raise $4 billion from investors and offer services in 191 cities across Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Swiggy Unveils Pyng: AI App Linking Users to Verified Pros

Published

on

Swiggy - StartupStories

Swiggy has launched Pyng, a new app aimed at connecting consumers with verified professionals across over 100 specializations, including yoga instructors, financial advisors, tutors, and event planners. Currently live in Bengaluru, Pyng uses AI to match users with trusted experts and offers a money-back guarantee for unsatisfactory services.

The app also provides professionals with tools to manage bookings, track payments, and schedule services efficiently. This marks Swiggy’s entry into the professional services marketplace, expanding beyond its core food delivery and quick commerce businesses. Pyng is available on both iOS and Android, with plans for a nationwide rollout.

Continue Reading

Funding

Eat Better Secures ₹17 Crore in Pre-Series A Funding

Published

on

Eat Better Secures ₹17 Crore in Pre-Series A Funding,Startup News,Startup Stories 2025,Startup Stories India,Funding,Eat Better,Eat Better News,Eat Better Latest News,Eat Better Bags Inr 17 Cr In Pre-series A Funding,Eat Better Bags Inr 17 Cr,Eat Better Secures ₹17 Crore,Vidushi Kanoria,Mridula Kanoria,Shaurya Kanoria,Dry Fruit Ladoos,Nuts,Eat Better Co,D2C Snacking Brand Eat Better,Eat Better India,Snacks,Healthy Snacks,Prath Ventures,Spring Marketing Capital,Pre-Series A Funding,Eat Better Product,D2C snacking brand,Marketing,Startup Stories News,D2C Snacking Brand Eat Better Bags INR 17 Cr From Prath Ventures,News,D2C,Investment,Startup Latest News,Retail,Growth,India,Startup Story,Startup By Doc

Eat Better, a Jaipur-based D2C snacking brand, has raised ₹17 crore in a Pre-Series A funding round co-led by Prath Ventures and Spring Marketing Capital. Founded by Vidushi Kanoria, Mridula Kanoria, and Shaurya Kanoria in 2020, Eat Better specializes in healthy snacks like dry fruit ladoos and nuts.

Key Highlights:

  • Investment Use: Funds will expand Eat Better’s product line and enhance its presence on quick commerce platforms.
  • Market Position: Competes with brands like Happilo and Yoga Bar in the healthy snacking space.
  • Operational Milestones: Fulfills over 2 lakh orders monthly.
  • Financial Performance: Revenue grew nearly threefold to ₹14.47 crore in FY24, with a reduced net loss.

Market Opportunity:

The Indian food and beverages market is projected to reach $68 billion by 2030, positioning Eat Better favorably to capitalize on the demand for healthy snacks. With this funding, Eat Better aims to strengthen its market presence and product offerings.

Continue Reading

Funding

Outzidr Raises ₹30 Crore to Transform Gen Z Fashion

Published

on

Outzidr Raises ₹30 Crore to Transform Gen Z Fashion,Startup News,Startup Stories 2025,Startup Stories India,Tech,Gen Z,Gen Z Fashion,Outzidr Raises ₹30 Crore,Outzidr Raises INR 30 Cr,Gen Z Fashion Brand Outzidr,Gen Z Fashion Brand,GenZ Women's Fashion Brand Outzidr Raises ₹30 Crore,Outzidr Raises ₹30 Cr to Power Gen Z Fashion Playm,Gen Z Fashion Brand Outzidr Raises ₹30 Cr in Seed Round,Fashion,Bengaluru,D2C fashion startup Outzidr,Nirmal Jain,Mani Kant Mani,Justin Mario,Ramakant Sharma,Livspace,Invest,Ghazal Alagh,Mamaearth,Outfits,Brands,Outzidr,Funding,Fashion brand,Outzidr Funding,Women's Fashion Brand,Gen Z Fashion Play,Outzidr News,Outzidr Latest News,Fashion News,Gen Z-focused fashion brand Outzidr

Bengaluru-based D2C fashion startup Outzidr, co-founded by Nirmal Jain, Mani Kant Mani, and Justin Mario, has secured ₹30 crore in seed funding led by Stellaris Venture Partners, with participation from angel investors like Ramakant Sharma (Livspace) and Ghazal Alagh (Mamaearth).

Launched in February 2025, Outzidr targets Gen Z women aged 17–27 with affordable occasion-specific apparel such as partywear and travel outfits. The brand introduces over 2,000 new designs monthly and uses a “test-and-react” model to scale popular styles based on early sales data. With an agile inventory cycle of less than three weeks, it plans to shift 90% of manufacturing to India within two years for sustainability.

The funds will bolster supply chain efficiency, technology development, team expansion, and brand-building. Outzidr aims to achieve ₹100 crore annualized revenue within 6–8 months through its D2C platform and marketplaces like Myntra, Nykaa Fashion, and AJIO.

Led by industry veterans with expertise in fashion and logistics, Outzidr is poised to capitalize on India’s growing D2C market fueled by Gen Z’s demand for trendy and affordable fashion.

Continue Reading
Advertisement

Recent Posts

Advertisement