By Ardi Wirdana
The company will expand to Vietnam, Thailand, Singapore and the Philippines in the next few months.
Uber also announced that investment firms Coatue Management, Altimeter and TPG plan to purchase $400-600 million in Uber stock from existing shareholders.
Careem plans to raise the money as a precursor to a possible initial public offering and the fund-raising round could value the company at as much as $1.5 billion.
The Vision Fund has invested $30 billion in startups in the last year.
Starting this summer, Uber will connect local drivers and passengers in Awaji, a remote island that’s home to 120,000 people and a dozen taxi companies.
Walmart was initially keen on retaining Bansal but reversed after Flipkart board decided to cut him out.
Amazon is seeking to help its merchants connect directly with manufacturers in China, a region largely out of the company’s reach.
The CCPD has stated that Grab’s market share in Vietnam, after the deal, is over 50 per cent, in violation of the competition law.
The company’s “gross margin will remain pressured and losses will widen as it invests in growth,” Bloomberg Intelligence analysts Matthew Kanterman and Andrew Eisenson wrote in a note ahead of Sea’s earnings report.
With a population of more than 600 million people, who are largely unbanked but are mostly Internet-savvy and mobile users, Southeast Asia has become the new battlefield for companies wanting to become leaders in the region’s financial services space.