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Uber Chief tightening his grip in the Ride Sharing Firm

8Jun By PriyankaNo Comments

News

Uber Chief tightening his grip in the Ride Sharing Firm

Uber chief Dara Khosrowshahi tightening his grip in the ride-sharing firm in the wake of a bumpy stock market debut. The company's chief operating officer and head of marketing will leave in a leadership shake-up that will result in Uber's shared rides and food delivery platforms reporting directly to Uber chief, according to a mail provided to Pixr8 News. Khosrowshahi credited the maturing of operations at the San Francisco-based company and the completion of its initial public offering last month with enabling him to make the management moves. "I now have the ability to be even more involved in the day-to-day operations of our biggest businesses, the core platform of Rides and Eats, and have decided they should report directly to me," Khosrowshahi said in his message to employ...

Uber partners IOC to offer discounts on fuel for driver-partners

31May By Press Trust of IndiaNo Comments

INDIA

Uber partners IOC to offer discounts on fuel for driver-partners

NEW DELHI: Uber Thursday said it has partnered Indian Oil Corporation Ltd (IOCL) to offer special benefits, including discount on fuel, to the ride-hailing company's driver-partners in India. In a statement, Uber said over 12,000 driver-partners have already registered for this benefit. "The agreement with IOCL will offer delivery partners discounts on petrol, diesel and CNG in IOCL petrol pumps across India. This initiative is a part of Uber's UberCARE programme for driver partners," the statement added. Vigyan Kumar, executive director (retail sales), IOCL, said, "IOCL has always been striving to add to the fuelling experience of customers coming to its retail outlet". "...through our association with UBER, we would be giving one more reason for a UBER driver-partner to...

30May By PriyankaNo Comments

News

Uber Riders Maybe Blocked from the app

Uber riders prone to rude behavior such as leaving trash or urging drivers to speed may be booted from the app under a policy change that took effect here Wednesday. Uber riders in the US and Canada who have been consistently rated poorly by drivers will soon begin getting notices that they are at risk of losing access to the service. The policy change was rolled out in Australia and New Zealand last year, and recently in India, according to Uber. It is to be expanded to other Uber markets, with timing to be determined. "Respect is a two-way street, and so is accountability," Uber head of safety brand and initiatives Kate Parker said in an online post. "While we expect only a small number of riders to ultimately be impacted by ratings-based deactivations, it's the right thing ...

27May By PriyankaNo Comments

News

Uber First Employee Quits Company

Uber first employee and the former CEO Ryan Graves resigned from the company’s board of directors, a regulatory filing by Uber said last week. Company’s independent chairperson of the board Ron Sugar wrote in the filing (see pic below) that Graves was key in shaping what Uber is today. Uber's first employee resigned “While this is a bittersweet moment, we accept his personal decision that this is the right time for him to step down. Dara and I are grateful for his contributions to Uber’s success and wish him all the best going forward”, Sugar wrote. Ryan Graves was expected to receive $1 billion from the Uber IPO. Ryan Joined Uber in 2010 after Travis Kalanick CEO & Co-founder tweeted for hiring. Joined in 2010, Graves helped the company to launch its operation offici...

4May By AnkitaNo Comments

News

Travis Kalanick barred from Uber IPO at NYSE

Uber's current CEO is barring the founder and Ex-CEO of Uber Travis Kalanick to take part in the opening bell ceremony held at the New York Stock Exchange next week. In a report published Friday in one of the leading USA newspaper, Uber CEO Dara Khosrowshahi (kahs-row-SHAH'-hee) has decided that Travis Kalanick is not welcome to share the exchange's balcony when Uber begins trading as a public company next Friday. Kalanick co-founded Uber and was CEO until his ouster in 2017 following a series of damaging revelations that sullied the company's reputation among consumers. Those included reports of rampant internal sexual harassment and allegations Uber stole self-driving car technology. The blowback from the problems helped Uber rival Lyft pick up ground in the US something Ub...

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...

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...

Lyft beats bigger rival Uber, File for $2 billion IPO

18Mar By PriyankaNo Comments

Market

Lyft beats bigger rival Uber, File for $2 billion IPO

USA based online cab aggregator platform Lyft beat bigger rival Uber Technologies in filing for an IPO. JPMorgan Chase & Co, Credit Suisse and Jefferies managing Lyft's IPO. Founded in 2012, the San Francisco based company currently valued at about $15 billion. The cab sharing platform was founded by John Zimmer and Logan Green. However, Lyft did not specify the number of shares in a filing with the Securities and Exchange Commission. Lyft company is planning for the roadshow to fetch the interest of investors due to escalating trade tensions between the United States and China, which causes turmoil in the financial markets. Investors main concern is the recent stock market weakness that could result in reduced interest in their road shows or fail to fetch them a reas...

12Mar By NitishNo Comments

News

Google paid $15 Million to Amit Singhal on Sexual Harassment Case

World's leading search engine giant Google has paid total $105 million to two of his executives accused of sexual harassment. The news was first reported by wall street journal. The suit mentioned that the Board of Google-approved $105 million exit offer to Rubin and Amit Singhal. The suit describe how Singhal “was allowed to quietly resign at Google in 2016 in the wake of credible allegations of sexual harassment, and was paid millions in severance.” The filed suit was also revealed that Google agreed to pay $45 million to Singhal, but ended up paying just $15 million because he went to work for a competitor. Google initially agreed to pay Singhal annual cash payments of $15 million, to be paid 12 months and then 24 months after his exit. Google offered an additional maximum o...

Ola, Hyundai in talks for $300 million fund infusion

9Mar By Press Trust of IndiaNo Comments

News

Ola, Hyundai in talks for $300 million fund infusion

NEW DELHI: Ola is in talks with Hyundai Motor Company for investing about USD 300 million in the cab-hailing platform, according to sources. The discussions are at an advanced stage and a deal could be closed in the next few weeks, sources said. If the deal goes through, it would be Hyundai's second investment in the Indian startup ecosystem. Previously, it had led a ₹100-crore funding round in car rental startup Revv. Ola did not respond to an e-mailed query on the development. A Hyundai Motors India spokesperson said the company is "open to cooperation with various potential partners but it is our policy not to comment on market speculation and rumours". The fresh funding will give the Bengaluru-based company more ammunition to compete with rival Uber in ...

Uber Ties Up with Delhi Metro For Last Mile Connectivity

27Dec By Gauri SinghNo Comments

INDIA

Uber Ties Up with Delhi Metro For Last Mile Connectivity

US based hide hailing major Uber has partnered with Delhi Metro Rail Corporation (DMRC) to improve first-mile/last-mile connectivity. As part of this partnership, Uber will set-up kiosks across designated metro stations for Uber Rider Assistants to facilitate riders to book an Uber ride even without the App. It will also place signages at selected locations in the stations and have an earmarked area for Driver-Partners that will help create a dedicated pick-up area. Mangu Singh, Managing Director, Delhi Metro Rail Corporation (DMRC), said that their agenda is to make mobility seamless by providing access to feeder transportation and to help their passengers reach their ultimate destinations. "With this collaborative partnership with cab aggregators like...

Cab Aggregator Uber Secretly Plans an IPO

10Dec By Gauri SinghNo Comments

Market

Cab Aggregator Uber Secretly Plans an IPO

Soon after cab aggregator Lyft applied for nearly 2019 initial public offering, Uber is on the same path and the company issecretly planning to file for an IPO, marking the beginning of a race for thetwo ride-hailing giants to the stock markets. Most recently,Uber’s private market valuation was a whopping $72 billion value. Founded in2009, Uber has raised a total of nearly $20 billion in a combination of debtand equity funding. Uber’s currentchief executive officer Dara Khosrowshahi previously said he expected the company to completean IPO in mid-2019 but today’s news puts Uber on pace to debut in the firstquarter of next year. “[Uber] has allthe disadvantage of being a public company, with the spotlight on us, with none of the advantages,” Khosrowshahi said. The com...