third major overseas retreat, following similar ones in China and Russian Federation.
The deal will also give Grab, which has been investing heavily in its food deliver business, access to UberEats.
Without any major competition around, the inevitable question arises: how will this acquisition mean for consumers in the near future, who have long enjoyed rebates and discounted rides thanks to the stiff competition between Uber and Grab.
For Softbank, the deal will help it "double down" on its plans for growth and invest in products and technology.
Financial terms of the deal were not disclosed.
Khosrowshahi is preparing the car-hailing app for an initial public offering that will take place in 2019.
Chief Executive of Grab, Anthony Tan said,"Today's acquisition marks the beginning of a new era". This deal would make them the leader in the region on the grounds of cost efficiency.
"It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind, from China to Russian Federation and now Southeast Asia".
Grab (founded in 2012) is now present in 195 cities in eight Southeast Asian countries (Singapore, Malaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar, and Cambodia) and offers the widest range of on-demand transport services including private cars, motorbikes, taxis, and carpooling services, in addition to food and package delivery services.