Uber | Pixr8 News

Ola Raises $50 Million to Compete With Uber in International Market

18Sep By NitishNo Comments

FUNDING

Ola Raises $50 Million to Compete With Uber in International Market

India's leading taxi aggregator Ola raises $50 million from Hong Kong-based Sailing Capital and the China-Eurasian Economic Cooperation Fund (CEECF). The SoftBank-backed company looking to battle against Uber in markets like India, the UK, and others. The latest funding round will make Ola's valuation around USD 3.7 billion and USD 4 billion. Ola, in an extraordinary general meeting held on August 31, 2018, approved the proposal to raise this amount through the issuance of 2,50,000 fully and compulsorily convertible preference shares, according to regulatory documents filed by Ola with the ministry of corporate affairs. Sailing and CEECF (state-backed investment fund of China) will together hold more than one per cent stake in Ola (run by ANI Technologies), it added. The lat...

Uber to Invest $154 million to Boost Canadian Operations

15Sep By Gauri SinghNo Comments

BUSINESS

Uber to Invest $154 million to Boost Canadian Operations

Global cab aggregator Uber has announced that it would invest up to $154 million (Can$200 million) over five years for the purpose of expanding its Toronto lab which is concerned with developing artificial intelligence for self-driving cars. Along with this, the company is planning to open a new engineering office in Canada's largest metropolis in early 2019. Uber's new engineering hub will join the company's efforts to launch the new features for its app. Also, they would expand into other modes of transportation such as electric bikes and scooters, as well as partnerships with public transit. In the 15 months since the Uber lab led by University of Toronto professor and machine learning expert Raquel Urtasun opened, it has delivered "significant technical breakthroughs towards m...

Uber May Launch Air Taxis in Indian Metros under Uber Elevate Project

31Aug By Gauri SinghNo Comments

News

Uber May Launch Air Taxis in Indian Metros under Uber Elevate Project

With the ride-hailing services getting a major boost for a few months now, world’s largest cab aggregator Uber may now come up with flying taxi by the year 2023. It has been reported that Uber has shortlisted India and four other countries as potential markets where it may launch its air mobility services in the next five years. This has been done under the company’s ‘Uber Elevate’ project. Apart from the US, the countries that have been selected for the ambitious project include India, Japan, Australia, Brazil and France. “We are announcing a shortlist of five countries where Uber Air can immediately transform transportation and take our technology to new heights,” said Eric Allison, head of Uber Aviation Programs. “Starting in approximately five years, Uber customers in launch cities...

Bengaluru-based ONN Bikes All Set To Launch the Dockless Bike Services

26Jul By Gauri SinghNo Comments

Automobile, News

Bengaluru-based ONN Bikes All Set To Launch the Dockless Bike Services

ONN Bikes, the two-wheeler bike rental platform that is based in Bengaluru has taken a step forward to provide a better customer experience and make bike rentals hassle-free and enable quicker intra-city commutes by introducing dockless bikes on the basis of hourly, daily, weekly, and monthly bike rentals. Since the introduction of cab services, going from one place to another has become very easy but gradually as the demand has increased, the prices are also going high. There are Ola and Uber for those looking for hired rides, but they sometimes have painfully long wait times or are unavailable. To eliminate this problem, bike rental services were launched. ONN Bikes is one of the leading bike rental services that currently operates in Jaipur, Udaipur, Bengaluru, Hyderabad, Delhi-NC...

Ola and Uber Cancel Orders from Tata Motors and the Reason is Cyris Mistry

16Jul By Gauri SinghNo Comments

News

Ola and Uber Cancel Orders from Tata Motors and the Reason is Cyris Mistry

The popular cab aggregators, Ola and Uber have withdrawn a substantial number of orders of around 2.7 lakh vehicles from the largest automobile maker Tata Motors. These companies that have been a valuable player in the ride-hailing space, obtain cars from automakers to make it available for the cab drivers on installments, but now it has lost a good number of orders. This event was the outcome of a clash between the chairman emeritus Ratan Tata and company’s former chairman Cyrus Mistry. “How will Tata Motors justify turning away any proposal for a guaranteed offtake?“ asked Tata. According to the reports, Ratan Tata was in talks with Ola co-founder Bhavish Aggarwal who was willing to obtain 10,000 Nanos and Indicas/Indigos from Tata Motors on an immediate purchase, a lease or a j...

Cab Aggregator Ola Starts Earning From Each Ride

16Jul By Gauri SinghNo Comments

News

Cab Aggregator Ola Starts Earning From Each Ride

In the financial year 2016-2017, the cab aggregator Ola showed losses of around Rs 4,897 crore. In the last year, it saw losses of over Rs 2,313 crore. But now, the company is finally gearing up in terms of growth and profitability. It has been reported that the cab company has started earning on every cab ride that it offers. This amount is calculated after taking into account other expenses including driver incentives and customer discounts. And this is how the company is overlooking considerable targets for profitability. "We will continue to focus on profitable and sustainable growth, and building a growing profitable business, the first in Indian internet," said Ola CEO Bhavish Aggarwal. With this, Ola will be earning profits on every ride that Ola complet...

Top 5 Stories Of The Week (2nd July – 7th July)

7Jul By Gauri SinghNo Comments

Story

Uber In Talks To Merge With Careem In Middle East

Uber Technologies is in preliminary talks with the Middle East cab service company Careem Networks for the purpose of combining their ride-hailing services in the Middle East. Both the cab companies have discussed various considerable deal structures but have still not come to an agreement. According to the reports, current leaders of Careem would be managing the newly combined business, as well as retaining one or both of the companies' local brands. Another proposal that has been reported is that the Uber will be acquiring the Middle-East ride-hailing mobile application. If not acquiring Careem wholly, Uber stated that it would need to own more than half of the combined company. To this, Careem has yet not declined or accepted any comments. "Our ambition is to build a lasting inst...

Uber Dignifies Pradeep Parameswaran As The President Of India & South Asia

19Jun By Gauri SinghNo Comments

News

Uber Dignifies Pradeep Parameswaran As The President Of India & South Asia

The popular taxi cab company Uber Technologies Inc. has announced the elevation of Pradeep Parameswaran as the new President of India and South Asia with immediate effect. The new President has replaced Amit Jain who was appointed as a head in the entire Asia Pacific region for Uber in May this year. Jain is a key member of Uber’s regional leadership team and welcomes Parameswaran gracefully. Over the last year and a half, he has been helpful in company’s growth by establishing the region firmly as a crucial contributor to our global vision. "I'm delighted to announce Pradeep Parameswaran will succeed me as the President of Uber India and South Asia, effective immediately. As a key member of Uber's regional leadership team, Pradeep will be responsible for leading the Rides operation to...

Uber hires ex-Facebook Executive as Driver Product Head

14Jun By Lavina TolaniNo Comments

News

Uber hires ex-Facebook Executive as Driver Product Head

American Cab Aggregator Uber has appointed Daniel Danker, a product director at Facebook who was responsible for video and Facebook live. Under the new role, Danker will work as Senior Director and Head of Driver Product at Uber responsible for handling planning, strategy, and execution. Danker has also been associated with Microsoft before his three-year stint in facebook. Notably, the cab-hailing company had been bereft of a product head since Aaron Schildkrout left in December. Psyched to have @MrDanielDanker join our team so we can continue to improve, innovate and build great experiences for our driver partners! Uber brings on Facebook product director to lead driver product — dara khosrowshahi (@dkhos) June 13, 2018 Uber's Chief Executive Officer Dara Khos...

Uber India Set to Activate Its Uber Lite App Across The Globe

13Jun By Gauri SinghNo Comments

News

Uber India Set to Activate Its Uber Lite App Across The Globe

With the increasing growth and competition among the taxi cab services online, Uber in India has introduced its less data consuming app known as ‘Uber Lite’. The app has been made in India but can be used by any Uber user across the globe. The app launches first in India and then in other parts of the world. The regular Uber app is 181.4MB in size whereas Uber Lite app is less than 5 MB. ‘Uber Lite’ is basically the compact version of Uber app. The smaller app saves space as well as the data consumption is also low. Besides, the app also functions well in low connectivity areas. The announcement of the newly built app was made in New Delhi at the Uber’s Tech Day 2.0 on Tuesday. #UberLite is arriving soon: Peter Deng (Head of Rider Product) and Manik Gupta (VP & Head of ...

Ola Set to Beat Uber, Reports 70% Growth in Revenue

7Jun By Lavina TolaniNo Comments

BUSINESS

Ola Set to Beat Uber, Reports 70% Growth in Revenue

India's leading cab-hailing company Ola, run by ANI Technologies Pvt Ltd. has reported a phenomenal 70% jump in revenue in the year that ended 31 March 2017 as reported in its latest annual regulatory filings. As per the filings under the ministry of corporate affairs, Ola has recorded a revenue of Rs. 1,286 crore in 2016-17 when compared to Rs. 758.23 crore in the previous year. Ola is battling competition against San Francisco based cab hailing giant Uber which has expanded rapidly in India since it first launched its service in the country nearly five years ago. The interesting part is that both these companies e backed by Japanese conglomerate SoftBank Group Corp. The latest numbers are indicative of the fact that Ola has managed to hold its worth against Uber in India over pa...