Tuesday, May 28

Tag: Uber

Uber Acquires Drizly for $1.1 billion
ACQUISITION

Uber Acquires Drizly for $1.1 billion

February 02, 2021, SAN FRANCISCO & BOSTON-- Cab booking platform Uber to acquire Drizly for approximately $1.1 billion in stock and cash deal. Drizly is the leading on-demand alcohol marketplace available in more than 1,400 cities across a majority of US states. Drizly works with thousands of local merchants to provide consumers with an incredible selection of beer, wine, and spirits with competitive, transparent pricing. After the completion of the transaction, Drizly will become a wholly owned subsidiary of Uber. Drizly’s marketplace will eventually be integrated with the Uber Eats app, while also maintaining a separate Drizly app. Merchants on Drizly will be able to benefit from Uber’s best-in-class routing technology and significant consumer base. Delivery drivers will h...
Joby Aviation acquires Uber Flying Taxi Business
ACQUISITION

Joby Aviation acquires Uber Flying Taxi Business

Santa Cruz, Calif. and San Francisco, Dec 09, 2020— Joby Aviation, a transportation company developing an electric, vertical take-off and landing passenger aircraft raises $75 million in funding from Uber and acquires Uber Flying Taxi Business 'Uber Elevate. The investment from Uber comes in addition to a previously undisclosed $50 million investment made as part of Joby’s Series C financing round in January 2020. Under the terms of this deal, Joby Aviation will acquire Uber Elevate, while the two parent companies have agreed to integrate their respective services into each other’s apps, enabling seamless integration between the ground and air travel for future customers. Joby Aviation is planning to launch their Air Taxi service in 2023. Established in 2016, Uber Elevate has...
Aurora acquires Uber’s self-driving Unit, Raises $400 Million from Uber
ACQUISITION

Aurora acquires Uber’s self-driving Unit, Raises $400 Million from Uber

Aurora acquires Uber’s self-driving unit, Advanced Technologies Group (ATG) to accelerate and deliver it first product safely & quickly. Founded in 2017, Aurora is working on self-driving technology. The company is building the Aurora Driver, a platform that brings together software, hardware and data services to operate passenger vehicles, light commercial vehicles, and heavy-duty trucks across a range of applications. In addition to acquiring ATG, the company announced a strategic partnership with Uber that connects aurora technology to Uber's ride-hailing platform and an investment of $400 million in Aurora from Uber. After this deal Uber CEO Dara Khosrowshahi will join Aurora Board. “Few technologies hold as much promise to improve people’s lives with safe, accessible...
The Logistics arm of Uber, Uber Freight Raises $500 Million
FUNDING

The Logistics arm of Uber, Uber Freight Raises $500 Million

SAN FRANCISCO & RYE, N.Y., Oct. 3rd, 2020-- Uber Technologies Inc. (NYSE: UBER) and New York-based investment firm Greenbriar Equity Group and one of the leading investors in the logistics space invested $500 million in a Series A preferred stock financing for Uber Freight. After this funding round the logistics arm of Uber, valuing the unit at $3.3 billion. Uber will maintain majority ownership in Uber Freight and will use the funds to continue to scale its logistics platform and accelerate product innovation to equip shippers with technology to power their supply chains. In connection with the investment, Michael Weiss and Jill Raker, Managing Partners of Greenbriar, will join the Uber Freight Board of Directors. With a combination of more than 40 years of investing exper...
Uber Launches Its First Bus Service in Egypt
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 tec...
Uber to Acquire Postmates in $2.65 billion deal
ACQUISITION

Uber to Acquire Postmates in $2.65 billion deal

SAN FRANCISCO, 6th July 2020-- Uber Technologies (Uber) will acquire online food & grocery delivery platform Postmates for approximately $2.65 billion in an all-stock transaction. Postmates is highly complementary to Uber Eats, with differentiated geographic focus areas and customer demographics, and Postmates’ strong relationships with small and medium sized restaurants, particularly local favorites that draw customers to the Postmates brand. Additionally, Postmates has been an early pioneer of “delivery-as-a-service,” which complements Uber’s growing efforts in the delivery of groceries, essentials, and other goods. For restaurants and merchants, Postmates and Uber Eats will together offer more tools and technology to more easily and cost-effectively connect with a bigger ...
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 m...
Uber CEO Criticize After Calling Jamal Khashoggi Murder a Mistake
News

Uber CEO Criticize After Calling Jamal Khashoggi Murder a Mistake

Uber CEO Dara Khosrowshahi is being criticised for calling the murder of a Washington Post columnist "a mistake" and comparing it to the death of a pedestrian struck by one of the company's autonomous vehicles. Khosrowshahi later said he regretted his comments, made during an interview with Axios on HBO. He tweeted Monday that there's no forgiving or forgetting what happened to the journalist Jamal Khashoggi and he was wrong to call it a mistake. Critics say Khosrowshahi is downplaying Khashoggi's grisly murder to placate one of the company's biggest investors. Saudi Arabia's sovereign wealth fund, known as The Public Investment Fund, holds about USD 1.9 billion worth of Uber stock, making it the company's fifth largest stakeholder. Its managing director, Yasir Al-Rumayyan, sits ...
Uber Loss Widens amid Costs Rise
News

Uber Loss Widens amid Costs Rise

5th Nov 2019, California- Cab aggregator firm Uber posted a third-quarter result which shows the loss of the company widens in each quarter of 2019. The reason for these losses is deep discounts and invests heavily in loss-making new business ventures, said the ride-hailing company. After the announcement of third-quarter results, Uber shares drop 5.5% in after-hours trading. However, Uber said it would be profitable by the end of 2021 as quarterly revenues, driven by its global ride-hailing business, beat expectations. Uber Chief Executive Dara Khosrowshahi told Pixr8 News, "the company as a whole would achieve adjusted EBITDA profitability for the full year of 2021, but declined to provide details on the performance of individual business units by that time." As per the...
Uber, Lyft & Doordash Threatened to Spend $90M on California ballot fight
USA

Uber, Lyft & Doordash Threatened to Spend $90M on California ballot fight

Uber, Lyft and DoorDash threatened to spend $90 million on a California ballot measure if they can't reach a deal with unions and lawmakers on legislation that would change the rights of their drivers and other so-called gig workers. "We remain focused on reaching a deal, and are confident about bringing this issue to the voters if necessary," Adrian Durbin, senior director of communications at Lyft, said in a statement. The companies' team-up comes as California lawmakers debate a bill that would make it harder to classify workers as independent contractors instead of employees. As employees, workers are entitled to more wage protections and benefits. But the ridesharing and on-demand delivery companies say labeling workers as such would upend their business model built around d...
Uber Posted Huge $5 Billion Loss, Share down 6 Percent
News

Uber Posted Huge $5 Billion Loss, Share down 6 Percent

Cab aggregator service Uber posted a record $5.2 billion loss in the second quarter report, as growth in its core ride-hailing service got slow. After the announcement of Second-quarter results, Uber shares down 6%. Uber’s second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in “driver appreciation” related to the stock sale. The second-quarter report caught Uber investors off guard because Uber’s rival Lyft had raised revenue expectations and described an easing price war. “Our platform strategy continues to deliver strong results, with trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of ...
Uber Acquires AI platform to advance its Self-driving cars technology
ACQUISITION

Uber Acquires AI platform to advance its Self-driving cars technology

Cab booking platform Uber has acquired computer vision startup Mighty AI to help advance its technology for self-driving cars. Terms of the acquisition were not disclosed, but the ride-hailing giant said 40 employees of the Seattle-based firm would join Uber soon. Mighty AI specialises in computer vision, a field within artificial intelligence that is used to better understand or "label" the surroundings of vehicles that will be deployed autonomously. "The team at Mighty AI has built technology to label at scale using the latest AI and user experience techniques," said Jon Thomason, vice president of software engineering for the Uber division. "Training our AI at increasing pace is critical to scaling our self-driving technology, and I look forward to bringing Mighty AI's tech...