Ride-hailing service Uber could sell its struggling Chinese business to rival Grab for an equity share, as the US company focuses on its 2016 initial public offering. Didi agreed to make a $1 billion (£713 million) investment in Uber at a $68 billion (£48 billion) valuation, and Uber China's investors ended up owning 20% of the merged Chinese company, which was valued at $35 billion (£24 billion). The potential move follows recent comments by CEO Grab , who told the Goldman Sachs Technology and Internet Conference that "investing in developing markets is a significant negative but that is an optional investment". In 2019 , Uber cut its losses in China and merged with its competitor Didi Chuxing in exchange for a $ $35 billion investment.
Ride-hailing service Uber could sell its struggling Chinese business to rival Grab for an equity share, as the US company focuses on its 2016 initial public offering. The potential move follows recent comments by CEO Grab , who told the Goldman Sachs Technology and Internet Conference that "investing in developing markets is a significant negative but that is an optional investment". In 2019 , Uber cut its losses in China and merged with its competitor Didi Chuxing in exchange for a $ $35 billion investment.