Uber’s Lion City Rentals Sold For About S$350M – Likely To Supply Cars To Go-Jek And Grab Next

In September last year, The Straits Times reported that Uber’s Lion City Rentals was on the brink of closing down as it was selling off its fleet to companies like ComfortDelGro and Grab.

From a 14,000-strong fleet as of December 2017, reports revealed that its fleet has downsized to only about 10,000 cars.

While its fleet has shrunk, LCR also announced two months ago that it is rebranding by expanding its business scope to include the general public.

What this means is that beyond private-hire drivers, LCR is targeting “casual drivers”, such as friends or couples who wish to rent vehicles for getaways, or those seeking transport to move bulky items.

This rebranding move is not a “last resort or desperate measure”, claimed general manager Pascal Ly, who is also Uber’s ex-general manager in Cambodia.

He added that Uber was looking to sell the vehicles from LCR to “any potential competitor who makes a reasonable offer based on fair market value”.

At the time, LCR said that it had no plans to sign deals with any ride-hailing platforms, but was open to the idea of selling its cars and any potential buyout — subject to the approval of Uber.

$350M AcquisitionRead full content from Vulcan Post

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