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Uber Raises $3.5 billion From Saudi Investment Fund

2Jun By No Comments

FUNDING

Uber Raises $3.5 billion From Saudi Investment Fund

AFP- Uber announced on Wednesday that it has raised $3.5 billion from the Public Investment Fund of Saudi Arabia to help fuel global expansion plans for the ride-sharing giant. The deal gives Uber a valuation, or implied value, of $62.5 billion, according to the company. The deal will help Uber's global expansion, including in the Middle East and North Africa, which the company sees as one of its fastest-growing regions. The head of the Saudi fund, Yasir Al Rumayyan, will join the Uber board, and will boost Uber's cash holdings to more than $11 billion. "We appreciate the vote of confidence in our business as we continue to expand our global presence," Uber chief executive Travis Kalanick said in a statement. "Our experience in Saudi Arabia is a great example of how ...

The Delhi Commission For Women Issues Notice To App-Based Taxi Services in Delhi

14May By Press Trust of IndiaNo Comments

INDIA

The Delhi Commission For Women Issues Notice To App-Based Taxi Services in Delhi

The Delhi Commission for Women has issued notice to five app-based taxi services including Ola and Uber seeking to know the number of taxis which operate under their banner in the national capital and number of drivers whose details have not been duly verified. The DCW, which has taken suo-motu cognisance of the threat to women's safety posed by unregulated taxi aggregators in Delhi, has also sought to know the extent of compliance by these taxi operators of the prevalent rules and regulations imposed by the Delhi government. DCW has also sought details of the drivers who possess the Public Service Vehicle Badge issued by the Transport Deptartment. "Of the drivers operating under the banner of your company, how many drivers have licenses from outside the state? Please provide st...

13May By reutersNo Comments

FUNDING

Apple Invests $1 Billion in Chinese Ride-Hailing Service Didi Chuxing

Apple Inc said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market. The tech giant's rare investment gives it a stake in two burgeoning waves of technology - the sharing economy and car technology - as the iPhone business that propelled it to record profitability shows signs of maturing. Apple is trying to reinvigorate sales in China, where it has come under greater pressure from regulators, and Cook is traveling to the country this month. The move aligns Apple with Uber Technologies Inc's chief rival in China, as automakers and technology companies forge new alliances and make cross investments. General Motors, for example, recently...

Ola, The $5 billion Valued Taxi Aggregator Service is Twice as Large as Uber

6May By NitishNo Comments

Story

Ola, The $5 billion Valued Taxi Aggregator Service is Twice as Large as Uber

According to a report by Trucaller, that Ola, the $5 billion valued taxi on-demand service twice as large as Uber in India. Of the 684 million phone users in India, 205 million smartphone users are now changing the way cabs are the booked while ‘on the move’ in India, and we are analyzing that trend to share some exciting TrueInsights on how you call-a-cab in India. In a report mentioned that when it comes to call traffic for the new wave of ride-sharing, app-based services like Ola Cabs is the undisputed leaders by numbers of calls. Ola Cabs made a whopping 42.5 million calls to its users, while 59.5 million calls were made by users – which accounted for 102 million calls between Ola Cabs and its users. Uber users received 13.6 million calls from the company and called the compan...

Uber Users Can Soon Pay For Rides Abroad Using Paytm & Alipay Wallet

3May By AnkitaNo Comments

News

Uber Users Can Soon Pay For Rides Abroad Using Paytm & Alipay Wallet

Digital payments firm Paytm will enable Uber users to pay for their rides in Indian currency while travelling abroad using its mobile wallet by month-end. Alibaba-backed Paytm will not charge any fees for conversion and the fares will be based on current forex rates. Currently, Indian users need a credit card to pay for Uber rides taken aboard. "We will enable users to pay for their rides in Indian currency while they travel abroad. The integration process is on and should be live by month-end... Users will be able to pay in Indian rupees based on current forex rates," Paytm CEO Vijay Shekhar Sharma said. Uber today announced a partnership with AliPay -- Alibabas online payment solution in China -- to enable users to use AliPays mobile wallet and pay in Chinese Renminbi (RMB) while...

After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You

2May By NitishNo Comments

News

After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You

Every woman needs to be treated in a special way and to do so, VelvetCase.com has conceptualised a festival titled Women's Online Shopping Festival (WOSF), wherein various lifestyle and fashion brands will be coming together to provide a shopping paradise to the modern women. Talking about the festival, VelvetCase.com's Founder and CEO, Kapil Hetamsaria said, "I am super-excited to see how an idea born over a dinner conversation a few months ago has snowballed into an event that has the potential of becoming a premier annual property driven by leading brands." Talking about the idea behind WOSF, Neha Kant, Founder of Clovia said, "We see women buyers as significant contributors to the growth of e-commerce and online purchase in India, this made us pop with the idea of WOSF." Meanwhi...

Uber to Pay USD 2,25,000 as Settlement in Lawsuit

2May By AdityaNo Comments

News

Uber to Pay USD 2,25,000 as Settlement in Lawsuit

American multinational online transportation network company Uber has agreed to pay USD 2,25,000 over three years to the National Federation of the Blind to settle a lawsuit alleging discrimination against blind riders. The settlement also requires Uber to notify drivers that they must provide transport to customers with service animals (a dog that is individually trained to do work or perform tasks for a person with a disability), the Verge quoted the company as saying in a statement. The National Federation of the Blind will also have to take the blind customers to test rides to ensure the settlement is being followed. "Our goal at Uber is to make transportation options more accessible to all individuals, including those who are blind, low-vision or have other disabilities. We are...

Uber vs Ola: How Fight For Indian Taxi Market Ended Up in Court

29Apr By reutersNo Comments

Story

Uber vs Ola: How Fight For Indian Taxi Market Ended Up in Court

A flurry of complaints from Uber drivers about an unusually high number of canceled bookings was the spark that ignited a bitter legal fight with Ola, Uber's rival for dominance of India's $12 billion taxi market, according to court documents and a source with direct knowledge of Uber's case. A seven-member internal team was set up to investigate the drivers' complaints in November, and its findings are the basis of a lawsuit filed by Uber accusing Ola of a campaign to disrupt its business and poach its drivers, said the source. Ola, an Indian company backed by Japan's SoftBank Group Corp, denies any wrongdoing. Uber is suing Ola for $7.5 million to compensate for lost revenue and goodwill, alleging the Indian market leader created about 94,000 fake user accounts with the ride-hai...

Google, Ford, Uber launch coalition to further self-driving cars

27Apr By reutersNo Comments

News

Google, Ford, Uber launch coalition to further self-driving cars

Alphabet Inc's Google unit, Ford Motor Co, the ride-sharing service Uber and two other companies said on Tuesday they are forming a coalition to push for federal action to help speed self-driving cars to market. Sweden-based Volvo Cars, which is owned by China's Zhejiang Geely Holding Group Co GEELY.UL, and Uber rival Lyft also are part of the Self-Driving Coalition for Safer Streets. The group said in a statement it will "work with lawmakers, regulators and the public to realize the safety and societal benefits of self-driving vehicles." The coalition said David Strickland, the former top official of the U.S. National Highway Traffic Safety Administration (NHTSA), the top U.S. auto safety agency that is writing new guidance on self-driving cars, will be the coalition’s counsel and ...

Uber officials meet Arvind Kejriwal, Discuss Surge Pricing

22Apr By Press Trust of IndiaNo Comments

INDIA

Uber officials meet Arvind Kejriwal, Discuss Surge Pricing

With operation of app-based taxis in the national capital on Delhi governments radar due to surge pricing, some officials of taxi-aggregator Uber today met Chief Minister and apprised him of his business model. "Some officials from Uber today met the Delhi Chief Minister at Delhi Secretariat and discussed a range of issues including surge pricing, diesel cars and permits," an official said. Sources said that apart from surge pricing, government has objection on per minute charge and vehicles which are registered outside Delhi. Transport minister Gopal Rai today again clarified that ban on surge pricing will continue. Yesterday, Kejriwal had termed as "daylight robbery" the surge pricing by app-based taxi operators, and said overcharging and blackmailing wont be allowed in the national...

“It’s Lack of Journalistic Ethics” Said Ola After a Report on Uber Acquisition

16Apr By PriyankaNo Comments

News

“It’s Lack of Journalistic Ethics” Said Ola After a Report on Uber Acquisition

India's leading Taxi aggregator platform Ola and its one of the investors Matrix Partners India denied a report on DNA, which alleged that Uber was acquiring stakes of all the investors, including the founders, except SoftBank, with a term sheet likely to be signed by this quarter. "We would like to state that the article, attributed to an 'unnamed source' is completely false, misleading, malicious and planted in the said newspaper with the intent of causing harm to the Ola brand and creating confusion among our stakeholders." a statement from Ola said. Ola slammed the publication for its lack of journalistic ethics, and said that it will initiate appropriate legal action and seek redressal and compensation from the newspaper for the damage caused due to the report. "We also had received...

Auto and Taxi Unions to Protest Against App-Based Services

11Apr By NitishNo Comments

News

Auto and Taxi Unions to Protest Against App-Based Services

A section of auto and taxi unions will take out a protest march today against app-based taxi services in the national capital. "Hundreds of auto rickshaw and taxi drivers will take out a protest march with their vehicles from Samatha Sthal to Delhi Secretariat tomorrow," Rajendra Soni, general secretary of auto and taxi unions, said. He said that for the last two months, they have been demanding the government to control app-based taxi services who are taking away their livelihood. "If government does not pay heed to our demand immediately, all taxis and auto rickshaws will go off work soon" he said. "App-based taxi services are affecting our business and we cannot sit silent. Government should stop their services as most of the app-based cab operators are not following rul...