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Despite flat growth, ride-hailing colossus Didi’s US IPO could reach $70B

Didi filed to go public in the United States last night, providing a look into the Chinese ride-hailing company’s business. This morning, we’re extending our earlier reporting on the company to dive into its numerical performance, economic health and possible valuation. Didi is approaching the American public markets at a fortuitous moment. While the late-2020 IPO fervor, which sent offerings from DoorDash and others skyrocketing after their debuts, has cooled, valuations for public companies re...
Tags: Fundings & Exits, Startups, TC, Lyft, Uber, China, US, Tech, United States, Venture Capital, Carsharing, Unicorn, Doordash, Didi, GTV, EC News Analysis


SoftBank, Uber, Tencent set to reap rewards from Didi IPO

After years of speculation, Didi Chuxing, China’s ride-sharing behemoth, finally unveiled its IPO filing for the U.S., giving a glimpse into its money-losing history. Didi didn’t disclose the size of its raise. Reuters reported the company could raise around $10 billion at a valuation of close to $100 billion. Cheng Wei, Didi’s 38-year-old founder owns 7% of the company’s shares and controls 15.4% of its voting power before the IPO, according to the prospectus. Major shareholder SoftBank Vision ...
Tags: Transportation, Uber, Asia, China, Softbank, Funding, Tech, Automation, Transport, Tencent, Brazil, Robotics, Carsharing, Reuters, Robotaxi, Didi


Uber and Lyft Join Forces to Expose Drivers Accused of Assault

Ride-hailing services Uber and Lyft are teaming up to make sure creeps who have been kicked off their platforms stay off their platforms. Read more...
Tags: Lyft, Uber, Science, Articles, Social Issues, Transport, Cultures, Carsharing, Scott Berkowitz, Lyft Join Forces, Tony West, Disaster Accident, Location Based Software, Legality Of Ridesharing Companies By Jurisdiction, Ridesharing Company, Hireright


Getaround raises a $140 million Series E amid rebound in short-distance travel

Amid a rebound in short-distance travel, Getaround, a Silicon Valley car rental startup, has raised some new money to meet demand. The startup, which allows customers to instantly rent cars near them in over 100 cities, announced today that it has raised $140 million in a Series E deal, bringing its total known venture funding to $600 million. The Series E deal was led by PeopleFund with new investors including Reid Hoffman’s and Mark Pincus’ Reinvent Capital, AmRest founder Henry McGovern, Penn...
Tags: Google, Startups, TC, Softbank, Tech, Tesla, Reid Hoffman, Silicon Valley, Airbnb, Getaround, Carsharing, Mark Pincus, Nerdwallet, Zaid, Julia Steyn, SoftBank Vision Fund


SoftBank pours $500M into Didi in China’s biggest autonomous driving round

The race to automate vehicles on China’s roads is heating up. Didi, the Uber of China, announced this week an outsized investment of over $500 million in its freshly minted autonomous driving subsidiary. Placing the bet — the single largest fundraising round in China’s autonomous driving sector — is its existing investor Softbank, the Japanese telecom giant and startup benefactor that has also backed Uber. The proceeds came through Softbank’s second Vision Fund, which was reportedly lagging i...
Tags: TC, Transportation, Uber, Asia, California, China, Softbank, Tech, Beijing, Automotive, Automation, Shanghai, Alibaba, Transport, Baidu, Robotics


SoftBank led $500M investment in Didi in China’s biggest autonomous driving round

The race to automate vehicles on China’s roads is heating up. Didi, the Uber of China, announced this week an outsized investment of over $500 million in its freshly minted autonomous driving subsidiary. Leading the round — the single largest fundraising round in China’s autonomous driving sector — is its existing investor Softbank, the Japanese telecom giant and startup benefactor that has also backed Uber. The proceeds came through Softbank’s second Vision Fund, which was reportedly lagging...
Tags: TC, Transportation, Uber, Asia, California, China, Softbank, Tech, Beijing, Automotive, Automation, Shanghai, Alibaba, Transport, Baidu, Robotics


Uber subsidiary Careem to slash workforce by 31%, suspends bus transport app

Careem, the Dubai-based ride-hailing and delivery company that was acquired by Uber last year, is cutting its workforce by 31% and suspending its mass transportation business due to affects from the COVID-19 pandemic. The layoffs will affect more than 530 employees. Employees who are laid off will receive at least three months severance pay, one month of equity vesting, and where relevant, extended visa and medical insurance through the end of the year, according to the company’s blog post...
Tags: Food, TC, Transportation, Uber, Saudi Arabia, Tech, Ukraine, Companies, Czech Republic, Egypt, Middle East, Transport, United Arab Emirates, Dubai, Sharing Economy, Romania


It’s the end of the road for GM carsharing service Maven

The coronavirus pandemic has proved the final straw for the service
Tags: News, Cars, Trends, General Motors, Gm, Carsharing, Car-sharing, Maven


GM exits car-sharing business and shuts down Maven

GM’s experiment with car-sharing is over. The automaker Tuesday said its Maven car-sharing service, which launched in 2016, will shut down for good. Maven had paused service due to the COVID-19 pandemic. The company sent an email to customers Tuesday that after examining the business, the car-sharing industry and COVID-19, it decided to shutter the service permanently. The Verge was the first to report the story. The car-sharing service has struggled for months and long before COVID-19 upende...
Tags: TC, Transportation, New York, Washington, Toronto, Los Angeles, San Francisco, Tech, Smartphone, Chicago, Automotive, Mary Barra, Gm, Collaboration, Getaround, Detroit


Autofleet raises $7.5M to help fleets put idle vehicles into drive

On-demand mobility, when done successfully, strikes a balance between demand and supply while providing reliable service and making a profit. It’s a sweet spot that can be difficult, if not impossible, to find. Autofleet, a startup that develops fleet optimization software to redirect underused vehicles into ride-hailing and delivery services, wants to solve that mission impossible. Now, the company founded by former Avis and Gett employees, has raised $7.5 million in seed and Series A funding t...
Tags: Fundings & Exits, Startups, TC, Transportation, Asia, Europe, Tech, Ceo, Companies, United States, Asia Pacific, Avis, Transport, Rental Car, Driver, Fleet Management


Maniv Mobility General Partner Olaf Sakkers is coming to TC Sessions: Mobility

In case you haven’t heard, TC Sessions: Mobility is back for second year. This one-day event, which will be held May 14 in San Jose, promises to feature some of best and brightest engineers, policymakers, investors, entrepreneurs and innovators, all of whom are vying to be a part of this new age of transportation. Attendees of TC Sessions: Mobility can expect interviews with founders, investors and inventors, demos of the latest tech, breakout sessions, dozens of startup exhibits and opportun...
Tags: TC, Israel, Tech, Spain, Automotive, United States, San Jose, Mobility, Bmw, Nissan, Mitsubishi, Hyundai, Shell, Carsharing, Hailo, Renault


Uber reports a sharp rise in government demands for user data

Uber says the number of legal demands for riders’ data made by U.S. and Canadian authorities has risen sharply in the past year. The ride-hailing company said the number of law enforcement demands for user data during 2018 are up 27% on the year earlier, according to its annual transparency report published Wednesday. Uber said the rise in demands was partly due to its business growing in size, but also a “rising interest” from governments to access data on its customers. Uber said it receive...
Tags: Apple, Security, Uber, Government, Nsa, Tech, Fbi, Software, Canada, Automotive, United States, Edward Snowden, Transport, Reddit, Commuting, Food Delivery


Senegal’s NIMA Codes to launch address app in 15 African countries

Senegalese startup NIMA Codes — a digital mapping service for locations without formal addresses  —  has upgraded its app and plans to go live in 15 African countries in 2020. The pre-seed stage startup launched in 2018 around an API that uses mobile-phone numbers to catalog coordinates for unregistered homes and businesses in Senegal. NIMA Codes is adding a chat tool to its platform, to help users locate and comment on service providers, and is integrating a photo-based location identifier, NIM...
Tags: Android, TC, Uber, Africa, Tech, Senegal, United States, Transport, West Africa, Kenya, Commuting, Ibm, Api, North America, Google Maps, Carsharing


Uber Freight expands app to Canada

Uber Freight, the Uber business unit that helps truck drivers connect with shipping companies, said Wednesday it’s launching the app in Canada as part of its global expansion plan. The move into Canada will give Uber Freight access to the country’s $68 billion trucking industry, which is facing severe driver shortage that has constrained freight capacity, the company said. It also follows Uber Freight’s announcement in September that it was expanding into Europe. Since launching in May 201...
Tags: TC, Transportation, Uber, Europe, Texas, San Francisco, Tech, Chicago, Canada, Automotive, United States, Amsterdam, Transport, Commuting, North America, Quebec


Penske is getting into the car-sharing business, starting with Washington, DC

Transportation services giant Penske Corp. is backing a new car-sharing service called Penske Dash that launched Tuesday in Washington, D.C. and Arlington, Va. The service is debuting at an awkward time for the industry. While some car-sharing operations, particularly peer-to-peer services, have expanded, others have struggled in the past year. GM’s Maven, BMW’s ReachNow, Car2Go and Lime are among the car-sharing companies that have scaled back or closed their businesses altogether. In May...
Tags: Transportation, Washington, Tech, Automotive, Washington Dc, Transport, Portland, Gm, Volkswagen, Seattle, Carsharing, Car Sharing, Arlington VA, Arlington, Penske, Car Sharing Service


SoftBank reportedly preps a package to take control of WeWork parent company

SoftBank Group, the multi-billion dollar Japanese technology conglomerate and investment firm, has put together a  bid that would save WeWork parent company We Co., just weeks before the co-working real estate company’s imminent collapse, The Wall Street Journal reports. With the collapse of the company’s planned initial public offering, We Co. is facing a cash crunch. The company was planning to raise billions of dollars in debt on the heels of its public offering to finance its continued opera...
Tags: TC, Uber, Business, Wall Street, Softbank, Funding, Tech, Economy, Companies, Vodafone, The Wall Street Journal, WeWork, Wall Street Journal, Carsharing, WSJ, Slack


Uber to acquire grocery delivery startup Cornershop

Uber will acquire Cornershop, a grocery delivery startup that began life serving the Latin American market and recently shifted to offer service in Toronto, its first North American city. Uber announced on Friday that it expects that its acquisition of a majority ownership stake in Cornershop in early 2020, once it receives all the necessary regulatory sign-off. Cornershop was founded in 2015 by Oskar Hjertonsson, Daniel Undurraga and Juan Pablo, and it’s headquartered in Chile. The compan...
Tags: Startups, TC, Uber, Apps, Toronto, Tech, Walmart, Ceo, Companies, Chile, M&a, Retailers, Instacart, Carsharing, Postmates, Accel


Uber’s newest feature alerts drivers that pets will be joining the ride

Uber is piloting a new feature that lets U.S. riders alert drivers that a pet will be coming along, the latest effort from the company to appeal to a broader audience and become to the one-stop shop for transportation, meals and other services. The feature called Uber Pet will be available beginning October 16 in Austin, Denver, Nashville, Minneapolis-St. Paul, Philadelphia, Phoenix, and Tampa Bay. Riders will pay for the privilege of taking their pets with them through what Uber describes...
Tags: Transportation, Uber, Minneapolis, Tech, Austin, Automotive, United States, Transport, Commuting, Nashville, Philadelphia, Driver, Denver, Carsharing, Phoenix, Tampa Bay


Susan Fowler’s memoir has a title and a release date

Susan Fowler’s forthcoming memoir, titled “Whistleblower,” is scheduled to hit bookshelves March 3, 2020. The book will be available for pre-order beginning June 12. In late 2017, Penguin Random House imprint Viking Books acquired the rights to the memoir, which chronicles the harassment and discrimination Fowler faced during her tenure as a site reliability engineer at Uber. Her memoir “will expose the systemic flaws rampant in the startup culture,” with “previously unreported details of ...
Tags: Startups, Uber, Entertainment, Disney, Tech, Diversity, Companies, New York Times, Transport, Commuting, Travis Kalanick, Kalanick, Penguin Random House, Vanity Fair, Carsharing, Expedia


Uber’s first employee Ryan Graves resigns from board

Ryan Graves, a longtime Uber employee and former chief executive officer, has resigned from the company’s board of directors, effective Monday. The newly-public company announced the departure on Friday afternoon. Ron Sugar, the company’s independent chairperson of the board, wrote in the filing that Graves was key in shaping what Uber is today.   “As a thoughtful and engaged director, Ryan has continued to add value to Uber, offering insights and judgments that have helped us navigate th...
Tags: Transportation, Uber, Chief executive officer, Tech, Ceo, Transport, Commuting, Travis Kalanick, Director, Carsharing, Garrett Camp, Ryan Graves


Nigeria’s Gokada raises $5.3M round for its motorcycle ride-hail biz

In many large cities across Africa, motorcycle taxies are as common as yellow-cabs in New York. That includes Lagos, Nigeria, where ride-hail startup Gokada has raised a $5.3 million Series A round to grow its two-wheel transit business. Gokada has trained and on-boarded over 1000 motorcycles and their pilots on its app that connects commuters to moto-taxis and the company’s signature green, DOT approved helmets. The startup has completed nearly 1 million rides since it was co-founded in 2018 by...
Tags: Amazon, TC, Uber, Apps, New York, Indonesia, Germany, Nigeria, Africa, Entrepreneur, Tech, Ceo, Uganda, Transport, West Africa, Kenya


A young entrepreneur is building the Amazon of Bangladesh

At just 26, Waiz Rahim is supposed to be involved in the family business, having returned home in 2016 with an engineering degree from the University of Southern California. Instead, the young entrepreneur is plotting to build the Amazon of Bangladesh. Deligram, Rahim’s vision of what e-commerce looks like in Bangladesh, a country of nearly 180 million, is making progress, having taken inspiration from a range of established tech giants worldwide, including Amazon, Alibaba and Go-Jek in Indon...
Tags: Google, Amazon, Startups, TC, Ecommerce, Uber, Asia, Microsoft, Electronics, Indonesia, California, China, Singapore, India, America, Tech


The Exit: Getaround’s $300M roadtrip

In August of last year, Getaround scored $300 million from Softbank. Eight months later they handed that same amount to Drivy, a Parisian peer-to-peer car rental service that was Getaround’s ticket to tapping into European markets. Both companies shared similar visions for the future of car ownership, they were about the same size, both were flirting with expanding beyond their home market, but only one had the power of the Vision Fund behind it. The Exit is a new series at TechCrunch. It’s a...
Tags: Fundings & Exits, Startups, TC, Transportation, Uber, Europe, Youtube, Softbank, Tech, Automotive, Paris, Venture Capital, Sharing Economy, Airbnb, Getaround, Talent


GM’s Maven Packs Up, Leaves Town(s)

Anyone following the saga of Uber and Lyft know that mobility services are not — not yet, anyway — a money tree that bears unlimited financial fruit. The same can be said of mobility services offered by automakers. General Motors’ car-sharing service, Maven, like those more well-known companies, is still a fledgling operation experiencing growing […] The post GM’s Maven Packs Up, Leaves Town(s) appeared first on The Truth About Cars.
Tags: Lyft, General Motors, Gm, Autos, Mobility, Carsharing, Ride-sharing, Maven, News Blog


China’s Luckin Coffee raises up to $651M in upsized US IPO

Another week, another cash-burning tech IPO in the U.S. , ambitious Chinese startup Luckin Coffee has raised up to $650.8 million on the Nasdaq after it priced its shares at $17. That price is at the top-end of Luckin’s previously announced $15-$17 range but the company has upsized its share offering to 33 million, that’s three million more than previously planned. That gives Luckin an initial net raise of $571.2 million, although that could increase to $650.8 million if underwriters take up th...
Tags: Uber, Asia, New York, Finance, China, US, Tech, United States, Starbucks, Carsharing, Initial Public Offering, Blackrock, Greenshoe, Luckin Coffee, Luckin, Extra Crunch


China’s Tesla wannabe Xpeng starts ride-hailing service

There’re a lot of synergies between electric vehicles and ride-hailing. Drivers are able to save more steering an EV compared to a gas vehicle. Environmentally conscious consumers will choose to hire an electric car. And EVs are designed with better compatibility with autonomous driving, which is expected to hit the public road in the coming decades. Indeed, Tesla is eyeing to launch its first robotaxis in 2020 as part of a broader ride-sharing scheme. Over in China where Tesla has a few disc...
Tags: Transportation, Asia, Hong Kong, Elon Musk, New York, China, Cars, Tech, Tesla, Beijing, Automotive, Alibaba, Transport, Electric Car, Carsharing, Foxconn


Slack aims to be the most important software company in the world, says CEO

Slack this morning disclosed estimated preliminary financial results for the first quarter of 2019 ahead of a direct listing planned for June 20. Citing an addition of paid customers, the workplace messaging service posted revenues of about $134 million, up 66% from $81 million in the first quarter of 2018. Losses from operations increased from $26 million in Q1 2018 to roughly $39 million this year. In addition to filing updated paperwork, the Slack executive team gathered on Monday to make a f...
Tags: Fundings & Exits, Lyft, Uber, Spotify, Enterprise, Pinterest, Softbank, Tech, Software, Transport, Silicon Valley, Google Ventures, Carsharing, Operating Systems, Stewart Butterfield, Slack


Equity Shot: Judging Uber’s less-than-grand opening day

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. We are back, as promised. Kate Clark and Alex Wilhelm re-convened today to discuss the latest from the Uber IPO. Namely that it opened down, and then kept falling. A few questions spring to mind. Why did Uber lose ground? Was it the company’s fault? Was it simply the macro market? Was it something else altogether? What we do know is that Uber’s pricing what we...
Tags: Startups, TC, Lyft, Uber, China, Tech, United States, Transport, Venture Capital, Commuting, Carsharing, Postmates, TechCrunch, Initial Public Offering, Unicorn, Alex Wilhelm


Uber’s first day as a public company didn’t go so well

Ouch. Yikes. Oof. Sigh. Those are some of the friendlier phrases I imagine came out of the mouths of bankers, investors, executives and really anyone who has been paying close attention to Uber’s road to the stock markets today when the company debuted on the New York Stock Exchange below its initial public offering price. The ride-hailing business (NYSE: UBER), previously valued at $72 billion by venture capitalists, priced its stock at $45 apiece for a valuation of $82.4 billion on Thursday...
Tags: Travel, Fundings & Exits, Transportation, Uber, Money, Finance, Economy, Venture Capital, Commuting, Carsharing, Initial Public Offering


Uber’s trading debut: who was (and wasn’t) at the opening bell

Uber finally made its debut Friday on the New York Stock Exchange, ending its decade-long journey from startup to publicly traded company. So far, it’s been a ho-hum beginning with shares opening at $42, down from the IPO price. The share price is hovering just under $44. Thirteen people, including executives, early employees, drivers and customers, were on the balcony for the historic bell ringing that opened the markets Friday. Noticeable absentees were co-founder Garrett Camp and former...
Tags: Transportation, Uber, Apps, New York, Australia, France, Los Angeles, Tech, Canada, Automotive, Travis Kalanick, New York Stock Exchange, Kalanick, Carsharing, Expedia, Vmware