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profishingrods.com March 19, 2019


Ride-hailing: Investors could pump $1 bn into Uber self-driving cars

17 March 2019, 01:29 | Joann Bryant

GettyUber CEO Dara Khosrowshahi

GettyUber CEO Dara Khosrowshahi

The investment would reportedly be specifically in Uber's self-driving technology department, and comes as Uber is heading towards an initial public offering of stock.

This would mean that SoftBank, which already owns 14 percent of Uber by way of venture capitalism over the years, would take on a minority stake along with an unnamed carmaker in Uber's self-driving unit.

Under the leadership of founder Travis Kalanick, Uber was reluctant to go public because of the high underwriting costs and financial scrutiny involved in the process.

Uber has recently been valued at United States dollars 76 billion in the private market and is seeking a valuation as high as USD 120 billion.

Uber and Lyft, ride-sharing companies which represent direct competitors in the industry of getting a quick and cheap ride anywhere in the world where Lyft and Uber applications are supported, have submitted their IPO filings to the Securities and Exchange Commission at the end of 2018 around the same time.

Lyft, meanwhile, is said to be seeking a valuation of US$20-25 billion, up from its US$15 billion valuation as a private company.




Uber reportedly saw $11.3 billion in revenue previous year and a loss of $3.3 billion. But the company lost $3.3 billion, excluding gains from the sale of its overseas business units in Russian Federation and Southeast Asia.

Uber Chief Executive Officer Dara Khosrowshahi will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years.

Lyft's revenue for a year ago was $2.2 billion, with $8.1 billion in gross ride bookings. The company lost $US911 million.

Investors including Japanese technology giant Softbank are closing in on a deal to invest up to $1bn (£750m) in Uber's self-driving vehicle business. Uber's business is much larger and more diverse than Lyft's, however.

It could also help underscore Uber's value as the ride-hailing firm prepares for a stock market debut. Taking on large investors that will influence a key business is an unusual move for a company so close to an IPO.



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