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Karnataka Government Issues Violation Notice To Uber,Ola

4Jun By Lavina TolaniNo Comments

News

Karnataka Government Issues Violation Notice To Uber,Ola

A new tussle between Karnataka government and major cab aggregators Ola and Uber have come into play, where the state government has issued a notice to the ride-hailing companies for violating against rules for charging the time-based fare. As per new traffic rules stated under Rule 11(a) of the Karnataka On-demand Transportation Technology Aggregators, cab companies cannot charge on the basis of time and hence the notice has been issued to the companies seeking an explanation for their policy of charging based on an average of Rs 1 per minute. According to a statement cited by sources, "Licence holders have to collect hire charges from passengers as per fares fixed by the government. But companies are violating the rules. Appropriate action will be initiated against the errant cabs....

Uber is “Finished” in Turkey- President Erdogan

4Jun By NitishNo Comments

MIDDLE EAST, News

Uber is “Finished” in Turkey- President Erdogan

Uber is "finished" in Turkey said Turkey President Recep Tayyip Erdogan following intense pressure from Istanbul based taxi union to banned Uber. The Istanbul based yellow taxi union is saying the ride-hailing app Uber is eating their business without having a proper legal basis for work. The Turkey government agreed on new rules that are expected to severely complicate Uber's operations in Turkey in future. Turkey Prime Minister Binali Yildirim last month issued a directive sharply hiking fines and threatened to blacklist companies whose vehicles illegally work as taxis. The President of Turkey Erdogan said, "This thing emerged called Uber or Muber or whatever now finished. It's over now. Our Prime Minister (Binali Yildirim) made the announcement. We have our system of taxis,". ...

Uber Records Eye-Dropping Profits That Will Be Reinvested in India

25May By Sheldan RungasamyNo Comments

BUSINESS

Uber Records Eye-Dropping Profits That Will Be Reinvested in India

Uber is currently facing a lot of competition with India-based cab aggregator rival Ola, in Australia. However, the global leader in the ride-hailing market’s CEO, Dara Khosrowshahi, reportedly stated that the company will keep investing in its products and technology in emerging markets such as India and Middle East. In an email sent to his employees, the recently appointed CEO stated that the company’s core business has been achieving well and saw the number of trips on the platform increase by 43% while bookings also rose by 55% to $11.3 Bn year-on-year. He further expressed that the company’s net revenue grew by 67% to reach $2.5 Bn while it was able to cut losses by half compared to the previous year. We are deliberately reinvesting our profits. Even with these impressive results,...

Uber Reports Earnings, Shrinks on Losses Ahead of IPO

24May By Lavina TolaniNo Comments

BUSINESS

Uber Reports Earnings, Shrinks on Losses Ahead of IPO

Cab riding Major, Uber Technologies has slashed its losses to almost half as its ride bookings have jumped 51 percent since last year, the Silicon Valley ride company reported on Wednesday showing that its business hasn't slowed down despite its retreating from the overseas market. The Cab Aggregator has also reported a one-time gain of $2.5 billion, a majority of which has come from its business sale to Russia and Southeast Asia. Meanwhile, the company is also spending heftily including to expand its on-demand ride business while preparing for an IPO. Interestingly, Uber has said that it would look for secondary share sale for employees and existing investors valuing the company at "$62 billion" A new investor Coatue Management and existing investors Altimeter Capital and TPG wil...

Bike Taxi Startup Rapido Acquires Hyderabad-based GetBike

23May By Sheldan RungasamyNo Comments

ACQUISITION

Bike Taxi Startup Rapido Acquires Hyderabad-based GetBike

Rapido, the Bangalore-based bike taxi startup, is in the final phase of finalizing an A&M deal with Hyderabad-based Vave Infosolutions India Pvt. Ltd, owner of motorcycle-sharing startup Getbike, according to a report from VCCircle. The deal will allow the bike taxi company, which is run by Roppen Transportation Services Pvt. Ltd, to enter the Hyderabad market by making use of GetBike’s resources and market presence. Shravya Reddy, who was previously associated with Reliance Communications Ltd and Apalya Technologies, founded Getbike – formerly called Getmi -- in September 2017. Getbike raised $100,000 as angel funding 3 months later from a couple of investors, namely, Vamshi Reddy B and Venu Veeramaneni. The startup began operations as a bike taxi operator catering both general ...

Ola and Uber Drivers Begin a Hunger Strike

18May By Sheldan RungasamyNo Comments

News

Ola and Uber Drivers Begin a Hunger Strike

Ola and Uber, the two cab-hailing giant companies are facing tough times as their Rajasthani taxi drivers are conducting a hunger strike from today due to disagreements against the rates of commission charged by their companies that they deem too high. The drivers also conducted a strike last month that lasted nine days and ended only when the tech-firms agreed to meet some of the drivers’ demands and promised to look further in the matter of others. The drivers’ association also pressed both Ola and Uber to stop the fleet cars whereby a driver is provided a car by the company against minimal rates and a compulsory fee of Rs 1,100 daily to the firms. “The company is adding up new cars every day. The competition is tough and it is getting difficult to get work. Hence, we are demanding...

Another Top Uber Executive Leaves the Company

18May By Sheldan RungasamyNo Comments

News

Another Top Uber Executive Leaves the Company

Jeff Holden, Uber’s chief product officer decided to quit the American cab-hailing company to pursue another opportunity, the company confirmed to Recode. Holden joined Uber’s headquarters in 2014 coming from Groupon. The timing of his departure seems very inappropriate since he was leading the firm’s flying car initiative, called Elevate, that would look like giant drones taking off vertically. In fact, last week, Uber hosted its second consecutive flying car annual summit, where the project got a very good reception from CEO Dara Khosrowshahi who stated that he would be willing to lose money to see this project take off. “We’ll take short-term losses in order to bring long-term business,” CEO Dara Khosrowshahi was quoted saying. “If over the short term we ne...

Chinese Cab Rider Didi to Test Self-Driving Cars in California

14May By Lavina TolaniNo Comments

USA

Chinese Cab Rider Didi to Test Self-Driving Cars in California

Didi Chuxing, Chinese largest cab riding company has been given the go-ahead to test autonomous driving cars in California on May 10 according to the California Department of Motor Vehicles' website. The move has come in the wake of US rival Uber being given a suspension for its driverless car programme across North America after a fatal collision accident of a pedestrian early this March. Additionally, the cab-hailing major is itself facing issues over safety concerns and has given a halt to is pooling service-Hitch for a week post-murder of one of its cab rider that created an outcry over Chinese social media. Post the go-ahead with permits, Didi will become the 53rd company to receive a permit to test autonomous vehicles in California. The Chinese cab aggregator had opened its ...

12May By Lavina TolaniNo Comments

CHINA

China’s Ride Aggregator Didi Halts Domestic Services for a Week

China's Largest Ride Aggregator Service, Didi Chuxing has reported to halt one of its domestic services for over a week following a death of female passenger that sparked questions on safety this Friday. The killing of a 21-year-old flight attendant in the central province of Henan last week diverted attention leading to an intense debate over China's social media that became the most talked about topic microblog platform Weibo in no time. The case has given birth to questions over safety concerns challenging ride-sharing company, Didi as it takes on rivals such as Uber Technologies Inc. Didi is backed by Apple Inc and Japan’s SoftBank Group Corp. The company has also apologised as it is about to suspend its Hitch service- a pooling service for passengers and drivers going to the ...

Uber Launches It’s Flying Taxi Prototype

10May By Lavina TolaniNo Comments

News

Uber Launches It’s Flying Taxi Prototype

Cab Riding Major, Uber Technologies Inc has reopened a contest aimed at selecting the first international city to launch its proposed flying taxi project post apparent delays in getting the service off the ground in Dubai, a previously proposed market. Dubbed as UberAir, the service proposes to launch denominator flights starting 2020 and begin paid intercity operations in 2023, a company spokesperson reported. Last year, cities like Dallas and Los Angeles were named as first launch cities by American Cab Rider, and now Uber is looking yet again for an international metropolis to take part informed Jeff Hedon, CEO at annual Elevate Summit held in Los Angeles. How will the way you move around your city change in the next decade? With UberAIR, your futuristic fantasy might...

Egypt to Regulate Uber and Careem Ride Sharing Services

8May By Lavina TolaniNo Comments

MIDDLE EAST

Egypt to Regulate Uber and Careem Ride Sharing Services

Egypt's parliament has passed a law on Monday regulating ride-sharing apps Uber and Careem, potentially ending a lawsuit that could shut them down in their world's biggest market, however, imposing new charges and knowledge to share necessities. Legalising well known and prominent ride-sharing services became urgent in March when an Egyptian court docket ordered their suspension after a group of taxi drivers had filed a suit, arguing that they were illegally using private cars as taxis. Challenges for Uber Don't Seem to End U.S based cab aggregator, Uber has faced several regulatory and legal setbacks around the world amidst opposition from traditional taxi services. It has voluntarily closed in Southeast Asia while was forced to shut down in Denmark and Hungary. Meanwhile, another...

Uber to “Double Down” Investments in India after Leaving Southeast Asia

19Apr By Lavina TolaniNo Comments

News

Uber to “Double Down” Investments in India after Leaving Southeast Asia

San Fransisco based cab hailing company Uber said on Wednesday that it would be doubling up investment in India to take on the arch contender Ola. Uber's maiden COO Barney Hardford said that India has such a huge potential that the company would not settle for minority stake deals here.The world's most valued startup comments have come up amidst the speculations of a potential merger between its India unit and home built opponent Ola. Hardford said, India is absolutely a core market, now and in the future. Uber's success is hardcoded to India's success. Our merger with Grab Holdings in Southeast Asia has freed up resources for the company to channelize into this market. The company had set up a $1 billion investmnet in 2015 and also opened a support centre in Hyderabad with an inve...