Joby Aviation, a transportation company developing an all-electric, vertical take-off and landing passenger aircraft, has announced that Uber Technologies, Inc has agreed to invest a further $75 million in Joby as part of a broader transaction involving the acquisition of Uber Elevate by Joby and an expanded partnership between the two parent companies. This investment…
Ride-hailing giant Uber recently announced that it has appointed its India business head Pradeep Parameswaran as the Regional Manager for its Asia Pacific region operations. His appointment will come in effect from next week. The former McKinsey executive will be tasked to improve Uber’s presence in the nine nations in the Asia Pacific region where…
Ride-hailing giant Uber recently said that it has decided to lay off 3,000 more employees as coronavirus-led restrictions has reduced the demand for ride-hailing services. These job cuts are in addition to the 3,700 Uber had announced earlier this month. The employees were informed about the decision by Chief Executive Officer Dara Khosrowshahi in an…
Uber, an American multinational ride-hailing company is leading a $170 million investment in scooter- and bike-sharing startup Lime, in a move that deepens the ties between the two “sharing economy” platforms, the companies said. Other investors that took part in the funding round are Alphabet, Bain Capital Ventures, GV and other existing and new investors,…
Ride-hailing giant Uber Technologies recently announced that it has decided to lay off 3,700 employees or 14% of its workforce due to the impact of the pandemic on the company’s business. According to the US SEC filing made by the company on May 2, the company is all set to execute a plan put in…
Zomato Media Private Ltd has announced to acquire Uber’s Food Delivery Business in India, UberEats, in an all-stock transaction. As per a stock exchange filing by Zomato, the deal gives Uber a 9.99% stake in the company. Post-acquisition, UberEats will discontinue operations in India that include direct restaurants, delivery partners and users of its apps.…
Former Uber CEO Travis Kalanick is resigning from the board of directors, severing ties with the ride-hailing company that he co-founded a decade ago and ran until a series of scandals led to his downfall. The departure, announced Tuesday, did not come as a surprise. Kalanick recently sold more than $2.5 billion worth of stock…
Uber continues to downsize its global team amid mounting losses. Its its recent round of downsizing the company will layoff about 350 employees. The company has had a history of bleeding money amidst increased competition in the US and abroad. The company had a disappointing IPO in May, and since then the company has been…