Opinion | Uber’s IPO filing affirms a dangerous business model
5 years, 8 months ago

Opinion | Uber’s IPO filing affirms a dangerous business model

Live Mint  

Last week, in Delhi, I took an Uber cab to the airport from my home, a distance of about 14 kilometres. In Uber Eats, for instance, which has declined for two successive quarters, it is forced to accept a lower rate of revenue to gross bookings, to bring on board what it calls “large-volume restaurants at a lower service fee and in geographies with greater competition, such as the United States and India”. Unfortunately, Uber Eats hasn’t been too successful in India, with media reports suggesting that the company may look to offload the business. If app-based ride-sharing companies such as Uber are the future of transportation, that future isn’t looking particularly profitable. Effectively, Uber’s numbers point to a strange new and scary model of doing business, wherein well-funded startups disrupt an existing industry with some innovative service tweaks and then lead a vicious race to the bottom.

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History of this topic

India mobility opportunity massive, underpenetrated; have barely scratched surface: Uber
1 month, 3 weeks ago

India mobility opportunity massive, underpenetrated; have barely scratched surface: Uber

Deccan Chronicle  

New Delhi: India is among the largest markets by volume and growing at a rapid pace, President of Uber India and South Asia Prabhjeet Singh has said, terming it an "incredibly important market" that presents a multi-decadal opportunity for the ride-hailing platform. "There is so much more to be done even though we are growing leaps and bounds," the top …

India mobility opportunity massive, underpenetrated; have barely scratched surface: Uber
1 month, 3 weeks ago

India mobility opportunity massive, underpenetrated; have barely scratched surface: Uber

Live Mint  

New Delhi, Nov 15 India is among the largest markets by volume and growing at a rapid pace, President of Uber India and South Asia Prabhjeet Singh has said, terming it an "incredibly important market" that presents a multi-decadal opportunity for the ride-hailing platform. "There is so much more to be done even though we are growing leaps and bounds," …

Why auto-taxi drivers are furious with Uber and Ola but not Rapido
4 months, 2 weeks ago

Why auto-taxi drivers are furious with Uber and Ola but not Rapido

India Today  

If you’re living in Delhi or the NCR and struggling to book an Ola or Uber today, you’re not alone. Kishan Verma, president of the Delhi Auto Taxi Transport Congress Union, says the protest is driven by high commissions and allegations of unethical activities by private Ola and Uber bike taxi drivers, including involvement in alcohol, drug, and smuggling trades. …

Big Auto-Taxi Strike In Delhi-NCR On August 22-23, Union Says 'They’re Getting Affected Due to Ola, Uber'
4 months, 2 weeks ago

Big Auto-Taxi Strike In Delhi-NCR On August 22-23, Union Says 'They’re Getting Affected Due to Ola, Uber'

News 18  

The national capital is likely to face major transportation issues for the next two days as auto and taxi driver unions in Delhi-NCR have announced a strike from Thursday to protest against app-based cab services Ola and Uber. The strike by auto and taxi drivers on August 22 and 23, is organised by over 15 unions from Delhi-NCR. We demand …

Indian ride-hailing giant Ola to pull out of UK, Australia
9 months ago

Indian ride-hailing giant Ola to pull out of UK, Australia

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Indian ride-hailing company Ola has suspended its overseas operations, including in the UK, …

Ola, Uber start subscription based plans for auto drivers: What changes for you? Will rides be cheaper?
9 months ago

Ola, Uber start subscription based plans for auto drivers: What changes for you? Will rides be cheaper?

Hindustan Times  

Ride-hailing platforms Ola and Uber are offering subscription based plans for auto-rickshaw drivers on their platforms, This will replace charging a booking fee or commission on every transaction. Ola has rolled out the model in Delhi-NCR, Mumbai, Bengaluru and Hyderabad while Uber launched the same in six cities starting with Chennai, Kochi and Visakhapatnam, Economic Times reported citing people in …

Long, bumpy ride ahead for mobility firms in 2021
4 years ago

Long, bumpy ride ahead for mobility firms in 2021

Live Mint  

Shared mobility startups are relying on new use cases, such as visits to pharmacies and supermarkets, to stage a rebound as uncertainty arising from the threat of a new coronavirus strain could delay reopening of workspaces and the return of urban commuting in 2021. Both firms are also staring at a potentially long-winding battle with regulators over new rules that …

Uber cuts 600 jobs in India due to COVID-19; 'made the decision so that we can look to future with confidence', says country head
4 years, 7 months ago

Uber cuts 600 jobs in India due to COVID-19; 'made the decision so that we can look to future with confidence', says country head

Firstpost  

Uber announced it is laying-off a fourth of its total headcount of 2,400 in the country across customer and driver support, business development, legal, finance, policy and marketing verticals. Last week, after cab aggregator Ola said it is laying off 1,400 employees, Uber India has announced it is axing 600 jobs in India. These reductions are part of previously announced …

Ola, Uber suspend ride-sharing option across India
4 years, 9 months ago

Ola, Uber suspend ride-sharing option across India

The Hindu  

India’s two biggest app-based aggregator cab services, Uber and Ola, have decided to suspend their ride-sharing option — Uber Pool and Ola Share — in the light of the rising cases of COVID-19 in the country. In line with the Government advisory, we urge people to stay safe and discourage non-essential travel,” a Uber spokesperson said. The temporary suspension of …

How a coronavirus recession could be disastrous for Uber and Lyft drivers
4 years, 9 months ago

How a coronavirus recession could be disastrous for Uber and Lyft drivers

LA Times  

Christian Perea, a San Francisco Uber driver with diabetes, stopped driving as a precaution at the end of February. “So when the recession comes the amount of people spending money on conventions, on businesses and hotels and traveling and going out to eat and sort of doing all of these things where calling an Uber or Lyft makes sense actually …

Uber Eats focusses on aggressive expansion in India
5 years, 1 month ago

Uber Eats focusses on aggressive expansion in India

India TV News  

Uber Eats, the food delivery unit of Uber, on Friday said it is focussing aggressively on expanding its presence in India, a market that is expected to become a USD 15 billion opportunity over the next few years. India is fundamental to Uber's growth and we have a stable and massive rides business and we don't see a reason why …

Uber says share rides as Odd-Even kicks in
5 years, 2 months ago

Uber says share rides as Odd-Even kicks in

India TV News  

#LeaveYourCarBehind said Uber as its launched its campaign on sharing mobility assets coinciding with Delhi government's "Odd-Even" scheme The global ride hailing major launched the campaign on ride sharing and car pooling to encourage citizens in helping out to improve the toxic air quality prevailing in the national capital since October 28. The purpose of this campaign is to stand …

Uber earnings: company lost more than $1 billion in the third quarter
5 years, 2 months ago

Uber earnings: company lost more than $1 billion in the third quarter

CNN  

New York CNN Business — Uber is still reporting steep losses but its revenue growth is showing some promise. On Monday, the ride-hailing company <a href="https://investor.uber.com/news-events/news/press-release-details/2019/Uber <a href="> -Announces-Results-for-Third-Quarter-2019/default.aspx” target=”_blank”>reported it lost $1.16 billion during the third quarter including $401 million in stock-based compensation expenses related to its public offering in May. On a conference call with analysts to discuss …

Uber vows to tackle losses, with help from India
5 years, 2 months ago

Uber vows to tackle losses, with help from India

Live Mint  

Uber Technologies Inc. Chief Executive Officer Dara Khosrowshahi vowed to get his company to profitability while pursuing growth from emergent arenas such as India, addressing investors’ concerns about the ride-sharing company’s mounting losses and global regulatory challenges. It was a profitable company with significant cash flows,” Khosrowshahi said at Uber’s engineering center in Bangalore, which was decked out with oil …

Ola-Uber pushing auto slump? Statistics puncture Nirmala Sitharaman's theory
5 years, 3 months ago

Ola-Uber pushing auto slump? Statistics puncture Nirmala Sitharaman's theory

India Today  

Facts, numbers and economics they all belie finance Minister Nirmala Sitharaman's unique - if not bizarre - explanation to the slowdown in the country's automobile sector. For one, sales to all cab companies account for between 8-10 per cent of overall passenger vehicle sales across companies. Sales to the entire taxi segment at Maruti, India's largest carmaker, are between 5-6 …

Decoding FM Sitharaman's claim: Is only Ola, Uber behind auto slowdown?
5 years, 3 months ago

Decoding FM Sitharaman's claim: Is only Ola, Uber behind auto slowdown?

India Today  

Union Finance Minister Nirmala Sitharaman on Tuesday on Wednesday told reporters in Chennai that millennials are no longer buying cars as Ola and Uber have become more affordable. India Today Data Intelligence Unit has found that not only is the auto sector facing a slowdown, but cab aggregators Ola and Uber are also witnessing a sharp decline in the growth …

Nearly 20 Indians hit by Uber layoff as growth slips
5 years, 5 months ago

Nearly 20 Indians hit by Uber layoff as growth slips

Live Mint  

New Delhi: Several Indian employees were left in the lurch when ride-hailing service Uber sacked 400 staffers from its 1,200-member marketing team globally to cut costs and streamline operations. In a document posted on LinkedIn as "Ex-Uber Marketers," nearly 20 Indians employed with Uber who lost their jobs in the recent round of layoff have applied for jobs on the …

Uber won’t be profitable for years, and we’re not going to have a huge profit margin, says CTO
5 years, 6 months ago

Uber won’t be profitable for years, and we’re not going to have a huge profit margin, says CTO

CNN  

Hong Kong CNN Business — Uber will take at least “a few years” to become profitable, according to one of the ride hailing firm’s top executives. The industry right now “is very competitive,” Uber’s chief technology officer Thuan Pham said at a tech conference in Hong Kong on Tuesday. “We have local competitors everywhere trying to aggressively expand to grow …

Ola is taking on Uber in its biggest market outside the Americas
5 years, 6 months ago

Ola is taking on Uber in its biggest market outside the Americas

CNN  

London CNN Business — Indian ride-sharing service Ola is preparing to go up against Uber in one of the company’s most lucrative markets: London. London is one of five global cities that account for nearly a quarter of Uber bookings, along with Los Angeles, New York City, San Francisco and São Paulo. While its fares will be comparable to Uber’s …

Tackled Uber’s entry with guerrilla-like plan: Ola
5 years, 6 months ago

Tackled Uber’s entry with guerrilla-like plan: Ola

Live Mint  

India's biggest ride-hailing firm Ola countered American giant Uber's "carpet bombing" entry into the country with guerrilla warfare by going into nooks and corners to gain a significant market share, its founder and CEO Bhavish Aggarwal said. Speaking at the IIT Bay Area Alumni meet in California, a transcript of which was made available by the company, Aggarwal said Uber …

Column: As was predicted, Uber’s IPO means you’ll be paying higher fares for your rides
5 years, 7 months ago

Column: As was predicted, Uber’s IPO means you’ll be paying higher fares for your rides

LA Times  

Uber’s first-quarter earnings report released Thursday — its first since the ride-hailing company went public on May 10 — disclosed more than the financial condition of the company. — Uber CFO Nelson Chai During their conference call with investment analysts following the company’s earnings release Thursday, Uber’s leadership didn’t say explicitly that fares would be rising. “Uber’s growth to date …

Uber IPO may have flopped but some unicorns are alive and well
5 years, 7 months ago

Uber IPO may have flopped but some unicorns are alive and well

CNN  

New York CNN Business — 2019 hasn’t been a magical year for unicorns. But the recent weakness isn’t necessarily a bad sign for Slack — or Airbnb, WeWork or other high profile private unicorn companies that are expected to be considering IPOs later this year or in 2020. It’s no surprise to see lesser-known software companies thrive as public companies, …

Uber CEO expects further pressure as falling shares more than double losses; says stock did not trade as well as hoped post-IPO
5 years, 7 months ago

Uber CEO expects further pressure as falling shares more than double losses; says stock did not trade as well as hoped post-IPO

Firstpost  

Uber’s market capitalization has fallen to about $61 billion since its IPO on Thursday, still larger than Wall Street heavyweights including General Motors and FedEx Uber Technologies Inc’s shares fell 12 percent on Monday, more than doubling their losses since the ride-hailing giant’s poorly received market debut, and its chief executive officer said he expected the stock to remain under …

Uber's Underwhelming IPO, Lyft Earnings and More Car News This Week
5 years, 7 months ago

Uber's Underwhelming IPO, Lyft Earnings and More Car News This Week

Wired  

Finally, after much ink spilled and many hours prognosticating, it happened: Uber started trading on the stock market. One thing you don’t want to hear from inside a self-driving race car as it preps to make a hairpin turn: “This one’s going to be a little fast.” General Motors’ autonomous vehicle unit, Cruise, raises another $1.15 billion. A global strike …

Uber prices IPO conservatively at $82.4 bn, hopes it will spare ride-hailing firm trading woes of rival Lyft
5 years, 7 months ago

Uber prices IPO conservatively at $82.4 bn, hopes it will spare ride-hailing firm trading woes of rival Lyft

Firstpost  

The IPO still represents a watershed moment for Uber, which has grown into the world’s largest ride-hailing company since its start 10 years ago. However, the IPO still represents a watershed moment for Uber, which has grown into the world’s largest ride-hailing company since its start 10 years ago. Uber’s valuation in the IPO is almost a third less than …

Uber’s crazy ride: From cool app that saves time to biggest IPO in years
5 years, 7 months ago

Uber’s crazy ride: From cool app that saves time to biggest IPO in years

Live Mint  

How much is a great idea worth? “He’s an incredible idea generator,” says Tim Ferriss, a friend and self-help author who invested in Uber after Camp pitched him the idea at a bar in 2008. Kalanick helped recruit Ryan Graves as Uber’s first CEO with a tweet promising “BIG equity, big peeps involved.” Graves spent his first six months getting …

Uber shifts into lower gear, prices IPO at $45
5 years, 7 months ago

Uber shifts into lower gear, prices IPO at $45

Associated Press  

SAN FRANCISCO — Uber is about to embark on a wild ride on Wall Street with the biggest and most hotly debated IPO in years. The price is at the lower end of its targeted range of $44 to $50 per share, a decision that may have been driven by the escalating doubts about the ability of ride-hailing services to …

Uber sets IPO pricing
5 years, 8 months ago

Uber sets IPO pricing

CNN  

CNN — The most hyped IPO of the year turned out to be smaller than some expected. At the top end of that proposed price range, Uber would have been valued at $91 billion on a fully diluted basis, an impressive sum but well below the $120 billion valuation that bankers had once reportedly suggested to the company. The conservative …

Ride-hailing drivers expose financial unrest before Uber IPO
5 years, 8 months ago

Ride-hailing drivers expose financial unrest before Uber IPO

Associated Press  

NEW YORK — The executives at Uber are working hard to design a future where the company earns billions of dollars by allowing riders to summon fully automated robotaxis. “The drivers are the one who helped Uber to be $100 billion, nobody else, and the drivers are the ones who are suffering,” said Inder Parmar, 54, an Uber driver who …

Uber may stumble like Lyft even as other recent IPOs soar
5 years, 8 months ago

Uber may stumble like Lyft even as other recent IPOs soar

CNN  

New York CNN Business — Based on how two high-profile initial public offerings have done lately, Uber might be better off pitching itself as a delivery service for plant-based food via Uber Eats instead of a company that takes passengers from point A to point B. Uber rival Lyft, reported its first results as a public company after the closing …

Uber driver's in New York to go on strike to protest unfair employment conditions
5 years, 8 months ago

Uber driver's in New York to go on strike to protest unfair employment conditions

Firstpost  

Uber cautioned in its IPO filing that its business would be “adversely affected”. Uber Technologies Inc’s drivers in New York will go on strike next week shortly before the ride-hailing company goes public to protest what they view as unfair employment conditions, a taxi union said on Friday. Drivers for Uber, as well Lyft Inc and other ride-hailing apps, will …

Uber CEO Dara Khosrowshahi, management team take IPO roadshow to New York as demand builds up
5 years, 8 months ago

Uber CEO Dara Khosrowshahi, management team take IPO roadshow to New York as demand builds up

Firstpost  

Uber is set to price its $10 billion IPO on 9 May, seeking a valuation of up to $90 billion New York: Uber Technologies Inc CEO Dara Khosrowshahi and his top management team took the ride-hailing giant’s investor roadshow for its initial public offering to New York on Tuesday, as demand for its shares already exceeded supply. At a lunch …

Uber takes investor roadshow to New York as demand builds up before its IPO
5 years, 8 months ago

Uber takes investor roadshow to New York as demand builds up before its IPO

Firstpost  

Uber’s IPO is being led by Morgan Stanley, Goldman Sachs Group Inc and Bank of America Corp. Uber Technologies Inc CEO Dara Khosrowshahi and his top management team took the ride-hailing giant’s investor roadshow for its initial public offering to New York on Tuesday, as demand for its shares already exceeded supply. At a lunch presentation in the Mandarin Oriental …

Uber pitches expansions while investors question losses
5 years, 8 months ago

Uber pitches expansions while investors question losses

Live Mint  

Uber Technologies Inc. is betting expansion into new markets and new business areas will attract investors to its initial public offering. During the Q&A session, Uber management shared its plan to expand in logistics and other transportation businesses, including scooters, autonomous driving and mass transit, one of the people said. Unlike its competitors, Uber’s existing platform allows it to benefit …

Uber APAC head Amit Jain resigns, in restructuring ahead of IPO
5 years, 8 months ago

Uber APAC head Amit Jain resigns, in restructuring ahead of IPO

Live Mint  

Bengaluru: In a major restructuring exercise, ride-hailing service Uber Technologies Inc. has appointed Pierre-Dimitri Gore-Coty to take charge of the company’s Asia-Pacific rides business, the IPO-bound startup said on Wednesday. Amit Jain, who started the rides business in India and headed Uber India’s operations before taking up the responsibility as the head of the Asia Pacific business, has furnished his …

Uber’s valuation appraisal more complex than Lyft’s, says professor
5 years, 8 months ago

Uber’s valuation appraisal more complex than Lyft’s, says professor

Live Mint  

Uber Technologies Inc. isn’t exactly Lyft Inc., said Aswath Damodaran, a finance professor at New York University’s Stern School of Business, but the market will price them relative to each other. The two ride-sharing companies are making their debuts in the equity capital markets, with Lyft going public at the end of last month, and Uber filing its prospectus last …

Uber unveils IPO with warning it may never make a profit
5 years, 8 months ago

Uber unveils IPO with warning it may never make a profit

Live Mint  

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its IPO filing. The S-1 filing underscores Uber's rapid growth in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract …

Uber unveils IPO with warning it may never make a profit; operating expenses to increase significantly in future
5 years, 8 months ago

Uber unveils IPO with warning it may never make a profit; operating expenses to increase significantly in future

Firstpost  

Although Uber’s user base includes customers of other services as well as ride-sharing, Uber’s 91 million is nearly five times the 18.6 million announced by rival Lyft Inc. New York: Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing. …

Uber seeks $10 billion in year’s biggest IPO
5 years, 8 months ago

Uber seeks $10 billion in year’s biggest IPO

Live Mint  

San Francisco: Investors could get their first look at hundreds of pages of detailed information about Uber Technologies Inc as soon as Thursday, as the ride-hailing giant gears up to publicly file for an initial public offering. Prospective investors are hungry for the minutiae, and they’re now armed with ride-hailing rival Lyft Inc’s March listing as a reference point for …

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