Uber set to merge Chinese business with Didi Chuxing: Report

1450351896-8609
In a move that marks the end of intense rivalry in the ride-hailing market in China, UberTechnologies will merge its Chinese business with Didi Chuxing, news agency Bloombergreported on Monday. Didi is the dominant app-based taxi aggregator in the country.
The valuation of the combined entity is $35 billion, the report added, citing people familiar with the development.
As per the new structure, investors in Uber China — a company owned by Uber and other investors — will have 20% stake in the merged firm.
Meanwhile, Didi will be making an investment of $1 billion in Uber at a valuation of $68 billion.
“As an entrepreneur, I’ve learned that being successful is about listening to your head as well as following your heart,” Travis Kalanick, chief executive officer of Uber, wrote in a blog post
What happens next?
(Read More)

Comments

Post a Comment

Popular posts from this blog

The Flipkart-ebay deal and the high stake battle with Amazon

Image
Flipkart has been and will continue to make acquisitions to increase scale India's top e-commerce firm   Flipkart   has raised $1.4 billion in its biggest fundraising to date as it takes on US tech giant   Amazon.com   Inc for a larger share of the country's burgeoning online retail market. Chinese social media and entertainment firm Tencent Holdings Ltd, the world's biggest software company Microsoft Corp and online marketplace eBay Inc participated in the funding round, Flipkart said in a statement on Monday, which will value the Indian company at $11.6 billion. That is lower than the $15 billion valuation achieved at its last fundraising in 2015, reflecting how competition has intensified in the e-commerce sector as companies vie for a slice of the world's fastest-growing internet services market. Amazon last year said it would invest over $5 billion in India, and has recently expanded into online video and grocery shopping, seeking to expand aggressiv...
Read more

Nokia 3310 makes a comeback with 22 hours of battery life, dual sim

Image
Price in India, other countries can fluctuate a little bit because of taxation and cost factors Finnish mobile device player Nokia is in reboot mode as it gets ready to bring to India its 17-year-old iconic   Nokia 3310   handset for about Rs 3,500, along with its Android smartphones, next quarter. "All the products that we have announced Nokia 3310, Nokia 6, Nokia 5 and Nokia 3 will be available in the second quarter of this year in India. Average global selling price for Nokia 3310 is 49 euros," HMD Global Oy Chief Marketing Officer Pekka Rantala said. HMD Global has licence to design and sell Nokia branded phones globally as well as use technologies developed by Nokia Corporation. Also Read :   Technology News, Latest Technologies, Products, Gadgets, Gizmos, Trends from India and the World "Now, we are celebrating the new era of Nokia brand that is the reason we are with HMD Global. Let me also be very clear that we would not license the Nokia brand to j...
Read more

Amazon now has customers in 100% serviceable pin-codes in India: Jeff Bezos

Image
If things fall in place, then a deal with a major offline retailer might happen by the end of this year, according to a source Amazon might be the most visited shopping site in India, but for Jeff Bezos, the founder and CEO of the technology giant, it is still Day 1 in what may be the second-most important market for the firm outside the US. Bezos, in a letter to customers, said that Amazon now has customers in 100 per cent serviceable pin-codes in the country and is shipping packages from more than 50 fulfillment locations in 13 states. From talking about how Alexa plays devotional songs in local Indian languages to Amazon India working closely with communities in rural areas, Bezos said that the online marketplace has now become part of the country's culture and has adapted all its services and offerings accordingly. Stressing that Amazon India has captured the top spot for the last two years, Bezos pointed out that Amazon is the most visited site in the cou...
Read more