Grab Holdings: Uber to re-enter SE Asia?: Analyzing implications

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Grab Holdings: Uber to re-enter SE Asia?: Analyzing implications

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Grab Holdings

Uber to re-enter SE Asia?: Analyzing

implications

Maintain Rating: BUY | PO: 5.20 USD | Price: 3.60 USD

Uber a potential competitor to Grab in SE Asia? 20 July 2026

We believe that Uber’s announced takeover offer for Delivery Hero (DH) could have Equity

implications for Grab’s food delivery business. We note that Uber had exited SE Asia in

2018 after Grab acquired Uber’s ride hailing & food delivery business in the SE Asia SachinResearchSalgaonkarAnalyst >>

market. Uber today owns c.13% stake in Grab and has a non-compete agreement with BofAS India

Grab in SE Asia for a year if Uber were to sell its stake. +91sachin.salgaonkar@bofa.com22 6632 8667

Potential implications for Grab: 3 theoretical scenarios… PankajResearchMehendirattaAnalyst >>

While Uber has not publicly mentioned anything on Delhivery Hero’s Foodpanda business BofAS+91 22India6632 8684

in SE Asia, we see 3 theorical scenarios if the deal is completed. Scenario 1: Uber could pankaj.mehendiratta@bofa.com

sell its stake in Grab and re-enter SE Asia after the 1-year non-compete period. Such a Sukriti Bansal >>

Research Analyst

scenario would be negative for Grab – but risks remain that Foodpanda could organically Merrill Lynch (Singapore)

lose share before Uber takeover; Scenario 2: Uber could shut down Foodpanda business +65 6678 0454

sukriti.bansal@bofa.com

in SE Asia given its non-compete with Grab. This would be positive for Grab as there will

Kaushik Gurumurthy, CFA >>

be one less competitor for Grab. Scenario 3: Uber could sell the Foodpanda SE Asia Research Analyst

business to another platform. Based on media reports, 1) DH tried to sell Foodpanda SE BofAS India +91 22 6632 8357