Thursday, 25 April, 2019

There’s a lot riding on India, reveals Uber’s IPO filing

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Priscilla Morrison | 15 April, 2019, 01:01

However, Uber losses declined from $4 billion in 2017 in 2018, suggesting it could be heading in the right direction.

American cab-hailing firm Uber Technologies Inc has mentioned its India business, the largest after the United States market, prominently in its initial public offering (IPO) filing.

In the filing, Uber reported 2018 revenue of $11.27 billion and net income of $997 million. Some question the business model of using independent contractors as drivers - a system which the companies say is more flexible and leads to entrepreneurial spirit.

Disney unveiled more details about its upcoming streaming service. The positive result stemmed from a windfall which Uber made from the selling of its operations in Russian Federation and Southeast Asia.

J. Crew announced that it's exploring a potential IPO for its Madewell clothing brand.

Lyft, Uber's direct competitor, went public last month, and since, its stock has dropped more than 20 per cent. While the gap between India and other markets is significant, Uber did not give country-wise breakup in continents like Europe or Africa. The positive result stemmed from a windfall that Uber generated from the sale of its operations in Russian Federation and Southeast Asia.

Analysts have warned that Uber and Lyft face a hard road to profitability amid challenges from regulators and established taxi operators around the world.

Its history that is unprofitable could induce its prices that are ride-hailing to be finally raised by Uber unless it expand to other markets and lines of business or could reduce its costs by shifting to cars.

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The company is expected to try to raise roughly $10 billion and seeks a market value of $90 billion to $100 billion, according to the Wall Street Journal.

"We will not shy away from making short-term financial sacrifices where we see clear long-term benefits", he said.

This season, the investment bankers managing the IPO of Uber are expected to reveal a pricing array for the stocks of Uber.

The company is on its way to price its IPO and start trading on the New York Stock Exchange in early May.

Rostan added that both firms will be seeking to step up growth and that "i it turns into a market share fight between Uber and Lyft, profitability is going to be tough". In addition, the company invests large sums in such enterprises as food delivery and scooters.

Travis Kalanick, the former CEO who stepped under stress in 2017 in the board, is one of Uber's biggest shareholders, owning nearly 9% of the company's stock. Now it'll be up Dara Khosrowshahi, to Kalanick's successor, to convince investors who Uber has cleaned up its act and merits a market value higher than Ford Motor and General Motors combined. It launched its first self-driving test vehicle in 2016 and its self-driving auto division has more than 1,000 employees, and it has built more than 250 self-driving cars so far.

"We believe that autonomous vehicle technologies will enable a product that competes with the cost of personal vehicle ownership and usage, and represents the future of transportation", Uber's filing said.

In its filing, Uber warned of this competition it faces that front from rivals such as Tesla and Google's Waymo, who it said may introduce than Uber. Alphabet also owns roughly 5% of Lyft's stock.

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