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PayPal to invest $500 million in Uber before IPO

29Apr By reutersNo Comments

FUNDING

PayPal to invest $500 million in Uber before IPO

Online payments company PayPal Holdings Inc plans to invest $500 million in Uber Technologies Inc as the ride-hailing firm readies to unveil terms for its initial public offering on Friday, Refinitiv IFR reported. PayPal will invest in Uber through a concurrent private placement at the IPO price, IFR reported on Thursday, citing sources. A financial services component is important to Uber as it works to expand into a "superapp" of logistics and transportation services. Superapps are applications where customers go for a range of services, such as transportation, shopping, and payments. Such companies can be much more lucrative than those that offer just one core business or service. Uber is expected to tell investors it will seek to be valued at between $80 billi...

23Apr By reutersNo Comments

INDIA

TCS signs a deal with India Post to transform country’s mail delivery system

India's largest IT services company, Tata Consultancy Services (TCS), has partnered with the Department of Posts in a bid to transform it into a multi-service digital hub, modernise the delivery of mail and packages, enhance customer experience, and launch innovative services that will drive new revenues. At the heart of this transformation is the Core System Integration (CSI) program designed and implemented by TCS. This involved deploying an integrated ERP (enterprise resource planning) solution that caters to mail operations, finance and accounting, and HR functions, and connects its vast network of more than 150,000 post offices, making this the largest distributed ePostal network in the world. The integrated solution is built to cater to the Department’s immense scale, and fut...

Netflix forecast disappoints ahead of Disney+ launch

17Apr By reutersNo Comments

News

Netflix forecast disappoints ahead of Disney+ launch

Netflix gave a weak forecast that unnerved investors just as Walt Disney and others prepare to escalate Hollywood’s streaming video wars, although the company’s quarterly results beat Wall Street targets. Shares of Netflix traded down about 1 percent at $355.02 in after-the-bell trading. Netflix predicted it would pick up 5 million new streaming subscribers from April through June. That was below the 5.48 million consensus of industry analysts surveyed by FactSet. “What’s making investors nervous is that there are signs of a slowdown in the second-quarter subscriber growth,” said Haris Anwar, senior analyst at Investing.com. “This is made all the more prominent by the looming threat of competition from Disney and Apple.” Netflix added a record number of paid streaming customer...

1Apr By reutersNo Comments

FUNDING

Airbnb invests in OYO’s series E funding round

Home-renting company Airbnb has invested in Indian hotel reservation start-up OYO's series E funding round, as it dives deeper into the hotel-booking business. Airbnb did not disclose the details of its investment in OYO, however, as per sources, the round is close to between $100-$200 million. It expects revenue to more than treble every year over the next five years, as it expands locally and in international markets, a senior company executive told Reuters earlier this year."Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes..." said Maninder Gulati, global chief strategy officer at OYO Hotels & Home. U.S.-based Airbnb will look at ways to make the OYO accommodation available on its platform, the c...

Lyft valued at $24.3 billion in first ride-hailing IPO

29Mar By reutersNo Comments

Market

Lyft valued at $24.3 billion in first ride-hailing IPO

Lyft Inc was valued at $24.3 billion in the first initial public offering (IPO) of a ride-hailing startup, raising more than it had set off to do as investors overlooked uncertainty over its path to becoming a profitable company. Lyft's IPO sets the stage for the stock market debut of larger rival Uber Technologies Inc, which Reuters has reported will kick off in April. Uber has been told by its investment bankers that it could be valued at as much as $120 billion. The success of the IPO came despite Lyft's steep losses, criticism of its dual-class share structure and some concerns over its strategy for autonomous driving, for fear of missing out on the company's strong revenue growth. "In a good market, people look beyond things. They don't see the problems as much," said Brian ...

Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East

26Mar By reutersNo Comments

ACQUISITION, MIDDLE EAST

Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East

SAN FRANCISCO (Reuters) - Global ride-hailing firm Uber will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering. Uber said it would pay $1.4 billion in cash and $1.7 billion in convertible notes in a deal that gives it full ownership of Careem. The long-expected agreement ends more than nine months of start-and-stop negotiations between the two companies and hands Uber a much-needed victory after a series of overseas divestments. The notes will be convertible into Uber shares at a price equal to $55 apiece, Uber said, marking about a nearly 13 percent increase over Uber’s share price in its last financing round, led by SoftBank Group Corp more than a year ago. The acquisition makes...

Delhivery Raises $413 Million From Softbank Vision Fund

26Mar By reutersNo Comments

FUNDING

Delhivery Raises $413 Million From Softbank Vision Fund

MUMBAI: Delhi based logistics service provider Delhivery has raised fresh investment of $413 million in a financing round led by the Softbank Vision Fund, they said in a joint statement on Sunday. Carlyle and Fosun, both existing investors in the e-commerce business, also participated in the latest financing round. Delhivery was founded in 2011 as a food delivery company but has since shifted to providing a full suite of logistics services in more than 1,800 cities. "We will be scaling up our newer warehousing and freight services through large investments in infrastructure and technology and global partnerships, in addition to improving the reach, reliability and efficiency of our transportation operations and sharing these benefits with our customers and partners," Delhivery CE...

Facebook shares drop as Executives quit, Christchurch live-stream shooting stirs outrage

16Mar By reutersNo Comments

ACQUISITION, News

Facebook shares drop as Executives quit, Christchurch live-stream shooting stirs outrage

Shares of Facebook Inc fell as much as 5 percent on Friday to their lowest in nearly three months after the surprise departure of Chief Product Officer Chris Cox, at a time when the company is again being scrutinized over its handling of privacy, extremism and political content. Cox, a Wall Street favorite who has worked with Facebook founder Mark Zuckerberg for 13 years, led the social network’s business development team and helped define the business model of its messaging service WhatsApp. “We believe Cox played a critical role in establishing FB’s mission, values, and culture, and he was extremely well-regarded inside and outside the company, including by Wall Street,” JPMorgan analysts wrote in a research note. Also departing is WhatsApp Vice President Chris Da...

Avast CEO to step down; annual results miss expectations

14Mar By reutersNo Comments

News

Avast CEO to step down; annual results miss expectations

Cyber security firm Avast’s long-time chief executive officer is stepping down, the company said on Wednesday as it reported marginally lower-than-expected adjusted revenue and earnings in its first annual results since listing in May. Avast said Vince Steckler plans to retire in 2019 after 10 years in the top job and will be succeeded by Ondrej Vlcek, currently president of the company’s consumer business. Steckler, widely considered to be the architect of Avast, led the company through the major acquisition of AVG and its listing on the London Stock Exchange. He is credited with having grown the company’s revenues from under $20 million to over $800 million. He will step down on June 30 but will remain available in an advisory capacity for another year. Vlcek, who started a...

Volkswagen signs e-vehicle startup as first partner for production platform

5Mar By reutersNo Comments

Automobile

Volkswagen signs e-vehicle startup as first partner for production platform

FRANKFURT - Volkswagen has signed German start-up e.GO Mobile as the first external partner for its modular platform for electric vehicles (EV), as it seeks to simplify production across a variety of models. The partner will use VW's so-called MEB production system to "bring e-vehicles to market that complement Volkswagen's model offering," the carmaker said in a statement. A specific vehicle has yet to be decided on jointly, it added. The VW brand's strategy chief Michael Jost said in a newspaper interview in January the group was in advanced talks with competitors over opening its modular EV production platform to rivals. The platform seeks the cost advantages of large production numbers by standardizing as much as possible even across very different models. Volkswagen i...

Facebook Beats Wall Street Profit Estimates, Shares Shoots up After 2018 Q4 Results

31Jan By reutersNo Comments

News

Facebook Beats Wall Street Profit Estimates, Shares Shoots up After 2018 Q4 Results

Facebook Inc easily beat Wall Street’s profit estimates, soothing investor concerns that increased spending on the privacy of its users would blunt growth. The world’s largest online social media network has pledged to invest heavily in the privacy and security of its users after scandals over improperly shared data and propaganda hurt its image and made it the target of political scrutiny across the globe. Facebook shares rose nearly 12 percent to $168.20 after the bell. They closed up 4.3 percent in regular trading. Net income rose to $6.88 billion, or $2.38 per share, in the fourth quarter, up from $4.27 billion, or $1.44 per share, a year earlier. Analysts on average had expected earnings of $2.19 per share, according to IBES data from Refinitiv. Total fourth-quarter reven...

Volkswagen to Manufacture Mobile Electric Car recharging stations

27Jan By reutersNo Comments

Automobile

Volkswagen to Manufacture Mobile Electric Car recharging stations

Volkswagen will manufacture electric car batteries and charging stations in its home region in Germany, as it prepares to mass-produce electric vehicles and overhaul its components division, which makes engines and steering parts. Volkswagen (VW) said on Friday it would invest 870 million euros ($985 million) by 2020 to developing e-vehicle components, adding the batteries business would manufacture battery cells and packs as well as overseeing recycling of old cells. The German carmaker, which is headquartered in Wolfsburg, Lower Saxony, also said it would start producing mobile electric car charging stations at its nearby plant in Hannover, which currently makes engines and castings. VW will bundle cells from electric car batteries into storage powerbanks that can be used to r...