Wednesday, April 24

Tag: Uber

ANI Technologies, Ola Parent May See Some Investment From Microsoft
FUNDING

ANI Technologies, Ola Parent May See Some Investment From Microsoft

American Multinational giant Microsoft may invest some money for a small stake in ANI Technologies Pvt Ltd, the company that runs Ola, in a deal where this ride hailing service will switch from Amazon Web Services (AWS) to Microsoft's Azure Cloud Platform. “The talks with Ola are in very early stages. More than the money, it is more about Nadella’s vision of partnering with more and more large technology companies in India and establish Azure as service of preference. Microsoft is likely to invest in Ola but a term sheet is yet to be issued,” one of the two persons cited above said on condition of anonymity. Ola is already in the middle of fund-raise and is currently valued around $3.5 Bn, and is the third most valued startups in the country. Ola has been in constant battle with Uber in ...
Uber’s Rival Grab Set To Dominate In Southeast After Largest  Ever Fundraising
FUNDING

Uber’s Rival Grab Set To Dominate In Southeast After Largest Ever Fundraising

The Singapore-based ride-hailing service is getting $2 billion worth of investment from China-based ride-hail player Didi Chuxing and Softbank. The startup also expects to raise an additional $500 million from other investors as part of this round. Provided it closes the additional sum, the company’s valuation would top $6 billion, according to a source familiar with Grab’s fundraising. The $2.5 billion round is reportedly the largest ever single financing round in Southeast Asia and demonstrates just how ferociously the powers that be are battling for ride-hailing dominance in that part of the world. The Singapore-headquartered company says it has a Southeast Asia market share of 95 percent in third-party taxi-hailing and 71 percent in private vehicle hailing. It also provides car...
Ola Invests Rs 100 Cr In Ola Fleet Technologies
FUNDING

Ola Invests Rs 100 Cr In Ola Fleet Technologies

Cab aggregator Ola has invested Rs 100 crore in its car leasing subsidiary, Ola Fleet Technologies. The investment comes at a time when the homegrown firm is locked in an intense battle with US-based Uber for leadership in the Indian market. The proposal for Ola investing Rs 100 crore into Ola Fleet Technologies was accepted by the board of the car leasing arm last month, as per documents filed with the Corporate Affairs Ministry.  The SoftBank-backed Ola had invested Rs 50 crore in the unit in February this year. Ola did not reply to an emailed query in this regard. In 2015, Ola had announced setting up of a captive leasing subsidiary to finance cars to be added to its platform and had announced an investment of Rs 5,000 crore. Through Ola Fleet Technologies, the Bengaluru-b...
UberMOTO Finally Arrives In Noida And Ghaziabad For Last Mile Connectivity
News

UberMOTO Finally Arrives In Noida And Ghaziabad For Last Mile Connectivity

Cab aggregator Uber's UberMOTO service finally arrives in Noida and Ghaziabad much after the launch in Gurgaon and Faridabad; on Friday. The service will provide last mile connectivity around the national capital region, with uberMoto already up and running in Gurgaon and Faridabad. UberMOTO will be a quick, easy and affordable option to get around the cities in no time. Uber is thankful to the government for supporting this vision towards solving for mobility needs and creating economic opportunities. "With the launch in Noida and Ghaziabad, we aim to give riders an opportunity to travel smartly across NCR without worrying about issues like traffic, congestion and last mile connectivity," Prabhjeet Singh, General Manager, Delhi NCR & North India, Uber, said. After this launch, Ub...
Women Harassment in Startups And Resignation- The Story of HiTech World
Story

Women Harassment in Startups And Resignation- The Story of HiTech World

Today, we are an advancing society, reaching new territories with our knowledge and technology but the growth that we truly need, seems forgotten or lost. I am referring to sexism, and predominantly, sexism in startups. Women are discriminated against and sexually harassed on a regular basis in the startup work space. In 2013, a law was passed that mandated every company to have a team of 10 people that’ll ensure a structure to manage the complaints of female employees. Yet this law still remains unsatisfied as it is simply a target on paper for most companies. According to a recent survey, 60 percent of women working in Silicon Valley have fallen victims to uninvited sexual advances. This is a grave problem, prevalent in not only our society but the whole civilization.. We live in a...
Uber Infuses $8 Million into India Ops- Distributed Between Mumbai And Delhi
BUSINESS

Uber Infuses $8 Million into India Ops- Distributed Between Mumbai And Delhi

San Francisco-headquartered cab-aggregator Uber infused another amount of Rs 51.64 crore (about $7.9 million) into its Indian arms in May, documents filed with the Ministry of Corporate Affairs show. The money was distributed between Mumbai-based Uber India Systems Pvt. Ltd which received Rs 45.2 crore ($6.9 million) and Delhi-based Uber India Technology Pvt. Ltd got Rs 6.42 crore ($991,000). The funds came from Uber’s Netherlands-based subsidiaries, Uber Holdings International BV & Uber International BV (for Uber India Systems) and Besitz Holding BV & Mieten BV (for Uber India Technology). In its effort to capture markets and acquire customers, Uber has been making losses globally. The company’s 2016 net revenue stood at $6.5 billion while adjusted net losses were $2.8 billi...
Milestone- Uber Crosses 5 Billion Trips
News

Milestone- Uber Crosses 5 Billion Trips

Global leading Taxi aggregator platform Uber said that the ride-hailing services had completed 5 billion trips on thursday. The news comes after a string of setbacks for the privately held firm, including the resignation of Chief Executive Travis Kalanick last week and firing of the technology whiz it had hired to lead its self-driving unit, Anthony Levandowski, after he failed to comply with a court order to hand over documents at the centre of a legal dispute between Uber and Alphabet Inc’s Waymo unit. Founded in 2010, Uber said 156 trips started at the same time, helping the company cross the milestone. Uber, which has been rocked by several high-level executive departures in the past few months as it grapples with a series of controversies, has been also looking for a chief op...
Uber Founder Travis Kalanick Resigns from the Post of CEO
News

Uber Founder Travis Kalanick Resigns from the Post of CEO

Travis Kalanick stepped down Tuesday as chief executive of Uber as per the source The New York Times, the ride-hailing service that he helped found in 2009 and that he built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company. (more…)
Uber CEO Kalanick Likely to Take Leave, SVP Michael Out
News

Uber CEO Kalanick Likely to Take Leave, SVP Michael Out

Uber Technologies Inc Chief Executive Travis Kalanick is likely to take a leave of absence from the troubled ride-hailing company, but no final decision has yet been made, according to a source familiar with the outcome of a Sunday board meeting. Emil Michael, senior vice president and a close Kalanick ally, has left the company, the source said. At the Sunday meeting, the company's board adopted a series of recommendations from the law firm of former U.S Attorney General Eric Holder following a sprawling, multi-month investigation into Uber's culture and practices, according to a board representative. Uber will tell employees about the recommendations on Tuesday, said the representative, who declined to be identified. The company is also adding a new independent director, Nest...