controversy

How Uber Lost 1.36 Billion Customers Just Like That

How Uber Lost 1.36 Billion Customers Just Like That

Exactly on the 1st of January 2015, Beijing's Traffic Enforcement Unit banned the operation of "illegal" taxi services in the capital after receiving complaints from passengers. In its eyes, unlicensed taxis, which includes Uber vehicles, are "taxi clones" and affirms that private cars operating through taxi applications is considered an act of illegal operation. The Ministry's stated reason for the ban was to protect the "hired car" market from unfair competition. This is the standing opposition of antagonists be it in Beijing, or in New York.

So for now, it is one market - which turns out to be the world's most populous nation - down; the $41.2bn price tag remains, no discount as of now. We patiently wait for positive positive (hopefully) developments, and most importantly, strategies to side step its mounting hurdles; because absent which severely limits the company's potential.

China's XiaoMi Trumps Uber As World's Most Valuable Tech Startup

China's XiaoMi Trumps Uber As World's Most Valuable Tech Startup

XiaoMi has done it again. After receiving a little over $1.1bn through a stock sale in a 5th bout of funding on 29 December 2014, the mobile phone maker is now valued by private investors at $46bn; this is $4.8bn higher than Uber, the runner up. XiaoMi is without question one of the most valuable tech companies in the world as the WSJ reports. It seems quite a handful of noteworthy investment names such as Singapore's very own GIC and Temasek Holdings, the former as Singapore's Sovereign Wealth Fund, are involved in XiaoMi's latest bout of funding.

Uber Shows World How To Fail

Uber Shows World How To Fail

Mere days after the world stood in awe of the 5-year old startup hailing from San Fransisco for being valued at $41.2bn by its investors, Uber managed not only to shoot itself in its feet, it also exposed one of the many short comings of its business model. In what the company calls a model built on capitalism, the world called an absolute tragedy this Monday and showed no restraint in its mocking condemnation. It seems I was right to have my skeptical hat on after all.

Uber Now Worth $40 Billion

Uber Now Worth $40 Billion

Earlier this week, word broke about Uber's new valuation. $41.2 billion to be precise. That's right, close to double what Twitter is currently worth, and on par with some of America's big names including the likes of Delta Airlines, Time Warner Cable, and just $10bn shy of General Motors. Truly staggering.

Of course, because Uber is still privately held, valuations are always going to be a fishy affair. This news comes on the back of a company announcement that it had raised an additional $1.2bn from private investors. Uber was valued at $18.2bn by private equity analysts only in June this year, a 1370% total growth from the $2.8bn price tag when it was founded in 2009.