Tag "Uber"

Uber officially launches Uber Express Pool

By : CIOL Writers

After months of trial in San Francisco, Uber is officially launching Express Pool, its new service that gets you cheaper fares in exchange for a little walking on your part. The company’s ride algorithm will match you and the driver

Uber could be looking to sell Southeast Asia unit to Grab

By : CIOL Writers

Uber is planning to sell its Southeast Asia ride-hailing business to Singapore-based Grab in return for a substantial stake in the company, CNBC reported, citing two sources familiar with the matter. The purported move mirrors an exit it pulled off in China,

Uber vs Waymo finally comes to an end

By : CIOL Writers

Uber and Waymo have finally reached a settlement in their long ugly trade secret battle. As part of the settlement, Google’s parent company Alphabet gets $245 million in Uber equity and Waymo gets to keep tabs on Uber’s self-driving car program.

Uber launches dockless, ebike-sharing service called Uber Bike

By : CIOL Writers

Uber has announced its new venture for users in San Fransisco. The company has launched a dockless, electric bike-sharing service named Uber Bike in partnership with New York City-based e-bike company called Jump. Jump’s contract with the San Francisco Municipal Transportation

Uber sells Xchange Leasing unit to Fair.com

By : CIOL Writers

Ride-hailing firm Uber has sold its car-leasing unit Xchange Leasing to digital car marketplace Fair.com. However, the financial details of the deal were not disclosed. Fair has formed a partnership with Uber in which it will be the exclusive long-term vehicle

Ola kickstarts international expansion with Australia

By : CIOL Writers

India’s local cab-aggregator, Ola is taking its first step towards international expansion, starting with Australia. Ola, which counts Didi as an investor, announced today that it will soon begin inviting private vehicle owners and driver partners to work with it in the cities of

Judge dismisses Benchmark’s lawsuit against Travis Kalanick

By : CIOL Writers

A judge dismissed investment firm Benchmark’s lawsuit against former Uber CEO Travis Kalanick, bringing an end to one of the biggest VC-founder battles. Benchmark was responsible for Kalanick’s ouster from Uber. The venture firm and early investor in Uber filed

Skeletons continue to fall out from Uber’s closet

By : CIOL Writers

Uber’s tryst with controversies is far from over. After a report in Bloomberg that alleged that Uber had a secret tool to remotely lock down equipment in the company’s foreign offices to thwart any raids from the local authorities, the

Uber to relaunch auto service in India to take on Ola

By : CIOL Writers

Uber is re-launching its ‘AUTO’ service in India, almost two years after shutting down the offering in March 2016, starting with Bangalore and Pune. Uber’s arch-rival Ola already offers auto service through its app which is currently operational across 73 cities

Travis Kalanick to sell 29pc of his Uber shares

By : CIOL Writers

Travis Kalanick, founder and former CEO of Uber, plans to sell nearly a third of his shares in the company, reports Bloomberg. Kalanick, who resigned as CEO last summer following controversy, would sell his shares as part of a tender offer

Didi Chuxing acquires 99 in Brazil to expand in Latin America

By : CIOL Writers

China’s Didi Chuxing has agreed to acquire control of Brazil’s 99, the companies said in a statement on Wednesday. Terms of the deal were not disclosed but according to Reuters (citing a report in Valor Economico, a leading financial newspaper in Brazil), the deal values 99

Uber finally closes SoftBank’s multi-billion dollar investment

By : CIOL Writers

Uber has finally closed a multi-billion dollar investment deal led by Japanese conglomerate SoftBank. In a process known as a tender offer, which allows outsiders to buy shares in a private company at a mutually agreed upon price, some Uber employees,

Uber to sell its auto leasing business to Fair.com

By : CIOL Writers

World’s largest ride-hailing firm Uber is selling its auto leasing business Xchange Leasing to automotive Fintech company Fair.com for an undisclosed amount. The news was first reported by Wall Street Journal, citing people familiar with the matter. Xchange Leasing, which partners

Uber appoints Barney Harford as its new COO

By : CIOL Writers

Uber Technologies has named former Orbitz CEO Barney Harford as the new COO of the ride-hailing company. Harford will join Uber from January 2, 2018. 1/ Thrilled to be joining @Uber as COO. Looking fwd to working w @dkhos again

Uber vs Waymo: New charges of espionage, bribery and hacking against Uber

By : CIOL Writers

Well, this could be as worse as it can get. Waymo’s $1.86 billion legal battle against Uber got a new twist last week after the judge in the case released a damning letter based on the account of a former Uber employee. The

ComfortDelGro to acquire 51pc stake in Uber’s Singapore business

By : CIOL Writers

Singapore’s largest taxi company ComfortDelGro has announced that they have entered into a strategic agreement to acquire a 51 percent majority stake in Uber’s local rental business units, Lion City Rentals. Uber will retain the remaining 49 percent. The deal would

Uber paid hacker $100K to keep data breach secret: Report

By : CIOL Writers

Uber’s 2016 data-breach wasn’t some state-sponsored sophisticated cyber-attack but an extortion-oriented hacking by a 20-year-old Florida man, Reuters reports. The cab-aggregator, then paid him $100,000 under the guise of a bug bounty program to keep quiet about the breach which exposed information

3 Uber security managers resign after CEO criticizes practises

By : CIOL Writers

Three security managers from Uber resigned, days after the company’s new chief executive officer Dara Khosrowshahi disclosed a massive breach and criticized the company’s security practices. Uber last week fired its chief security officer, Joe Sullivan over his role in

Lyft’s Q3 revenue triples while Uber’s losses jump to $1.46B

By : CIOL Writers

Ride-hailing firm Lyft appears to have gained significantly from Uber’s unsteady ride of past 12 months. The company has seen its revenue growth more than triple, according to a report from The Information. The report stated that the company generated

Lyft raising another $500M to take on Uber

By : CIOL Writers

US ride-hailing company Lyft is seeking to raise an additional $500 million, over and above the $1 billion it raised recently from Alphabet venture arm CaptialG, according to a US share authorization document filed in Delaware, reports Axios. The $500 million is an