Uber has thrown itself into reverse again and is pulling out of Southeast Asia, selling its ride-hailing and food delivery businesses to regional rival Grab.

Uber is reducing its international foot print in order to become profitable ahead of an expected Initial Public Offering (IPO) flagged for sometime next year.  Major shareholders like Japan's Softbank want Uber to concentrate on its core markets; The US, Australia, Canada, Europe, and Latin America.

The value of the deal has not been made public, but Uber will retain a 27.5 percent stake in Singapore-based Grab, Southeast Asia's most popular ride-sharing firm with millions of users across eight countries.  Uber eats will be folded into Grab Food.

This comes two years after Uber conceded defeat in China, selling out to rival Didi Chuxing in 2016.  The company has pulled out of Russia as well, selling its business there to local firm Yandex.