Adnan Abidi/Reuters- Uber is slowly curtailing its operations in Asia.
- It has reportedly agreed to sell its Southeast Asia business to local rival Grab in exchange for a stake in the business.
- Uber's chief executive Dara Khosrowshahi said operating in developing markets was a drag on profitability.
- India is probably next on Uber's quit list - it's losing out to its biggest rival Ola, and the two share a major investor.
Uber is slowly backing out of developing markets in Asia.
It has already merged its Chinese business with Didi Chuxing , a ride-sharing giant which has funded several of Uber's competitors.
A Friday report from CNBC suggested Uber would pursue a similar deal for its Southeast Asia business , selling off its operations to local giant Grab in exchange for a stake. Uber hasn't confirmed that deal.
Just one day before the rumours around Uber's Southeast Asia business surfaced, Uber's new chief executive Dara Khosrowshahi spoke publicly about how expanding to emerging markets costs a huge amount of money .
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