Uber has exited the region, selling out to Grab. Was it a lack of appetite, being late to the game, or simply not understanding how to negotiate outside their home market in the US?
Before I come to that, here are a couple of stories that came to my mind when thinking about the intricacies of the local business landscape: First, the Malaysian used-car platform startup, Carsome raised US$19 million (RM75.4 million) in March 2018. The funding was led by Burda Principal Investments, through their Singapore office. StoreHub, a Malaysian company that built a Cloud-based Point of Sale (POS) application that is used by 3,000 retail stores across 15 countries, raised US$5.1 million (RM20.2 million) from Vertex Ventures. Vertex, an investor in Grab, is owned by Singapore's Temasek Capital.
by: Gopi Ganesalingam