Category: Postmates
How Uber plans to rebound from massive Q2 losses stemming from driver incentives
Uber’s second quarter earnings revealed greater than expected losses, in large part due to the company’s massive $250 million stimulus package launched in April to incentivize drivers back onto the app after a pandemic-induced shortage. The company reported a loss of $509 million before EBITDA. For comparison, Lyft reported a…
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Uber spins out Postmates’ robot delivery division into a separate company
Uber is spinning off Postmates' autonomous delivery division into a separate startup called Serve Robotics. The company inherited the unit when it acquired Postmates last year for $2.65 billion. According to Bloomberg, Uber will invest approximat… Source
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Uber cuts 15 percent of Postmates’ workforce
Now that Uber owns Postmates, it’s apparently ready to cut workers it believes are superfluous. Uber has confirmed to the New York Times that it’s laying off about 185 people at Postmates, or about 15 percent of the delivery company’s staff. Most of… Source
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Tiger Global is raising a new $3.75 billion venture fund, one year after closing its last
According to a recent letter sent to its investors, Tiger Global Management, the New York-based investing powerhouse, is raising a new $3.75 billion venture fund called Tiger Private Investment Partners XIV that it expects to close in March. The fund is Tiger Global’s 13th venture fund, despite its title —…
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CA ballot measure that keeps gig workers as independent contractors is projected to pass
Uber, Lyft, Instacart and DoorDash — the major backers of California’s Proposition 22 — are getting their way. The proposition, which will keep gig workers classified as independent contractors, is projected to pass. The Associated Press called the race with 67% of precincts partially reporting. At the time of publication,…
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Uber reportedly acquires Postmates for $2.65 billion
Uber has acquired online food delivery service Postmates for $2.65 billion in stock, according to the NY Times and Bloomberg. The deal is expected to help Uber better compete against food delivery giant DoorDash and will be a consolation prize after… Source
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