Uber's exit a reminder to startups: you can't burn cash indefinitely

Singapore

THERE were five - and then there were two, and now it's down to just one.

Grab's confirmation on Monday of the long-speculated acquisition of Uber's South-east Asian business comes amid a cutthroat ridehailing battle in the region, where in Singapore alone, three other players (Hailo, Easy Taxi and Karhoo) have been forced off the roads in the last five years. Uber - which will sell its transport and food delivery operations to Grab - will be the fourth player to exit the race here.