An open sign is seen at the office of taxi-hailing service Uber Inc during a driver recruitment event in Hong Kong, China December 29, 2015. REUTERS/Tyrone Siu
The San Francisco-based company, founded a decade ago, expanded fast into emerging economies. But after a brutal subsidiary war in the People’s Republic, Uber swapped its loss-making Chinese unit for shares in market-leader Didi in 2016, in a deal that has yet to secure local antitrust approval. That was followed by similar agreements with Grab in Southeast Asia, and a joint venture with Russian tech group Yandex. Combined, Uber’s minority stakes in the three businesses are now worth over $11.
Yet any of these partners can compete with the U.S. group elsewhere, it says - and they do. Didi has expanded aggressively in Latin America, where it bought Brazilian app 99 last year, giving up Uber share options which would have restricted its ability to invest outside Asia.
Kinda like their balance sheet. Bada bing.
taxioperator
😂
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