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Uber Launches Its First Bus Service in Egypt

20Jul By AdityaNo Comments

MIDDLE EAST

Uber Launches Its First Bus Service in Egypt

Cairo, Egypt, July 20, 2020 - Uber launched its latest intercity Bus service in Egypt, aiming to connect cities together using the Uber app. Built locally, the company chooses Egypt once again to be the first country globally to roll out a new service. The launch comes as part of Uber’s continuous efforts to adapt its technology to build a wide range of products that meet the needs of local markets. Following the Covid-19 lockdown period, Uber is excited to continue expanding its presence in Egypt with a safe and affordable ride. “We are honored to witness another global product launch from Egypt, especially following the last few tense months across the country and the world. Egypt is an innovation hub and a fantastic environment for testing new products. By leveraging Uber’s tech...

4Jun By AdityaNo Comments

FUNDING

Gojek raises funding from Facebook and PayPal

4th June, 2020: Social media giant Facebook and PayPal invested in Indonesia based ride-hailing and digital payment startup Gojek. The size of the deal has not been disclosed yet. Gojek announced today that Facebook and PayPal have joined Google, Tencent, and others as investors in its current fundraise. This new investment will support Gojek’s mission to boost Southeast Asia’s digital economy, with a focus on supporting payments and financial services in the region." company said in a statement. Starting as a ride-hailing service in 2010, Gojek launched an app five years later that soon turned into a "super-app" offering a wide range of services including deliveries, takeaway food and financial services. The investment is Facebook's first in Indonesia, Southeast Asia's leadi...

9May By AnkitaNo Comments

BUSINESS

Uber Post USD 2.9 billion Loss in Q1 2020

Uber lost USD 2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic, but the company is looking to its growing food delivery business and aggressive cost-cutting to ease the pain. The ride-hailing giant said it is offloading Jump, its bike and scooter business, to Lime, a company in which it is investing USD 85 million. Jump had been losing about USD 60 million a quarter. While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario, said CEO Dara Khosrowshahi in a statement. Along with the surge in food delivery, we are encouraged by the early signs we are seeing in ma...

25Apr By PriyankaNo Comments

ACQUISITION

Gojek Acquires Moka for $130 Million

As per the Bloomberg report, Ride-hailing startup Gojek has acquired a payment startup Moka for $130 million. The deal was under negotiations since last year and completed about a month ago. The report also said, Indonesia based Ride-hailing and food delivery startup recently raises $1.2 billion funding to cement its position in digital payments space to acquire the users who are shifting away from cash and using digital services in this virus lockdown. The Moka payment app has more than 35,000 merchants and present in more than 100 cities across Indonesia. Moka accepts debit, credit cards and mobile wallets. It also has an analytics platform to track sales and inventory, run loyalty programs, and manage employees. A Gojek representative declined to comment, while a Moka off...