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Uber CEO plans to ‘invest aggressively’ to compete with rivals Southeast Asia [TechCrunch Blog]

COMCAST (CMCSA)  More Company Research Source: TechCrunch Blog
Last comcast earnings: 7/26 07:00 am Check Earnings Report
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PDF Hi! Uber CEO Dara Khosrowshahi has distanced the company from reports that it might exit Southeast Asia and India. Currently in India on his maiden visit to Asia as Uber boss, Khosrowshahi told an audience that the company plans to continue to invest in Southeast Asia, where Uber has slipped behind Grab and Indonesia-based Go-Jek. “We expect to lose money in Southeast Asia and expect to invest aggressively in terms of marketing, subsidies etc,” Khosrowshahi told reporters, according to Reuters . “From a competitive standpoint we think we can improve.” “Right now the plan for Southeast Asia is to go forward, lean forward and to invest,” he added. Last week, a CNBC report suggested Uber was planning to offload its loss-making Southeast Asia business to rival Grab, which is valued at $6 billion and also counts SoftBank as an investor. There has also been speculation of a deal between Ola, which SoftBank has also invested in, and Uber. The Uber CEO den [Read more]

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