Uber races towards IPO as competition with rival Lyft picks up pace

Uber races towards IPO as competition with rival Lyft picks up pace

Plans are afoot to scale up to over 1,000 techies across engineering and product teams in Bengaluru and Hyderabad, said the company which now has 500 plus engineers across the two locations.

Uber has not formally chosen underwriting banks, although Morgan Stanley and Goldman Sachs are likely to get the lead roles, sources told Reuters.

The auto service mediator Uber, according to the media the first step in the direction of the stock market reports made.

Lyft has 35 per cent of the ride share market in the U.S. with no future plans of launching down under. This may seem like good timing, but with Uber's future IPO expected to value the rideshare giant at around $120B, it's actually a part of Lyft's scrappier strategy.

Becoming a public company will bring a heightened level of investor scrutiny and exposure to Uber, which suffered a string of scandals when the company was led by co-founder and former CEO Travis Kalanick, who resigned previous year.

Uber exited other countries because it had a smaller market share and was burning a lot of cash.

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Uber in the third quarter lost $1 billion and is struggling with slowing growth, although its gross bookings, at $12.7 billion, reflect the company's enormous scale.

Uber has collected in the past years, around 20 billion dollars of investors ' funds and loans. Those include freight hauling, food delivery and electric bike and scooter rentals.

Whatever the reaction of markets, Uber going public will make one person rich.

The New York Times, Uber and Lyft offer a veritable race to see which of the two companies first listed on the stock exchange come.

The ride service was set up in 2012 by entrepreneurs John Zimmer and Logan Green and has raised close to $5 billion from investors. The local taxi industry had provided to the emerging USA competitor, contrary to; in a landmark decision, the regional court in Frankfurt had held that a Service of Uber, the rides, with private people in their own cars, the competition was illegal.

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