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Own, loan, or Drover: How the subscription economy is shaking up the car industry December 7, 2018 Felix Leuschner looks far too young to have founded three successful businesses. This German-born entrepreneur was just 23 when he launched what became Europe’s largest marketplace for gaming goods, where players could trade virtual products. After selling that company just nine months later, he moved to London and started a fast-fashion website called Stylistpick, collaborating with [...]
Lyft overtakes Uber on road to market float with SEC filing December 6, 2018 Ride-hailing firm Lyft has taken its first big step along the road to a US listing, the firm confirmed today. The company, which was last valued at around $15bn (£11.7bn), said it has submitted a confidential S-1 form with the US Securities and Exchanges Commission (SEC) as it looks to list its stock. No decision has [...]
Uber posts $1bn loss as it hurtles towards an IPO in 2019 November 15, 2018 Ride-hailing giant Uber reported a quarterly loss of $1bn (£780.3m) late last night, as growth in its bookings slow ahead of its upcoming listing. The company said bookings for its private hire and food delivery services rose six per cent in the three months to the end of September, which is the third consecutive quarter of single-digit [...]
Meatballs from home? Ikea launches takeaway delivery with Uber Eats November 15, 2018 The popularity of hygge, the Danish concept of cosiness, may be waning, but now Brits are being asked to embrace the even more impossible-to-pronounce fredagsmys, another Scandinavian import. As temperatures drop, Ikea and Uber Eats have teamed up to bring the Swedish furniture chain’s iconic meatballs into people’s homes. They hope Swedish fredagsmys – the [...]
Fintech startup Revolut is in talks to raise $500m from Softbank November 12, 2018 British fintech startup Revolut is raising a $500m (£389m) series D round from the likes of Japanese mega-investor Softbank, in order to fuel its aggressive expansion plans. Several sources have told City A.M. that the deal is set to close early next year, as Revolut tries to launch its banking app in the US, one of [...]
Uber launches new subscription service across five US cities November 4, 2018 Ride-hailing app Uber has rolled out a new subscription scheme across five US cities. Based on subscriptions, the new ride pass will allow members to avoid surge pricing, when fees peak at rush hour and at other times when demand is high. The lowest monthly subscription comes in at $14.99 (£11.55) in Austin, Denver, Miami and Orlando, while [...]
The City grabs popcorn for the ultimate takeaway tug-of-war November 2, 2018 The knives are out in the food fight that’s gripped the takeaway sector. On one side, there’s market leader Just Eat which revealed yesterday that a chunky investment into its Latin American business will eat into profits. However, its shares were up more than six per cent as it reported a 41 per cent sales [...]
Just Eat warns on profits as it burns cash to compete with rivals November 1, 2018 Online takeaway giant Just Eat's share price climbed this morning, despite a warning to investors that efforts to fight off rivals Deliveroo and Uber Eats would take a chunk out of the company's profits. Branching out into markets in Latin America, investing in its own delivery network and acquisitions are likely to weigh on earnings, the FTSE [...]
Ride-hailing app Mytaxi to pilot e-scooters in European cities October 29, 2018 Ride-hailing app Mytaxi is to join the swathes of European and US startups jostling for a slice of the electronic scooter market, with a pilot to be launched in European cities later this year. The branding of the scheme and the location of the first pilot have not been disclosed, however the firm said it will [...]
Daimler and Volvo-owner Geely to build a luxury Uber rival in China October 24, 2018 Chinese carmaking group Geely has partnered with German manufacturer Daimler to form a joint venture that will see the two firms launch a premium ride-hailing service in China. The deal will create a new rival to local firm Didi Chuxing, which dominates the market with 217m users last year after merging with Uber China in 2016. [...]