Sunday September 15, 2019
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PayPal Investing $500 mn in Uber

According to market sources, the company may provide a price range for its shares later in April and would go public in May

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PayPal
Paypal making online shopping simpler for India as a result of the recent push by the India government towards digitalization

Global online payments system PayPal is investing $500 million in Uber ahead of the highly anticipated Initial Public Offering (IPO), the media cited the ride-sharing major updated S1 filing.

“I don’t think you spend that kind of money unless it’s part of a global strategy to enable these new super-platforms,” Ryan Gilbert, Partner at Venture Capital Firm Propel Ventures was quoted as saying by the CNBC.

“PayPal needs to step on the growth gas pedal and these investments will buy the company access to millions of global customers.”

Earlier in March, the payments major had invested $750 million in Argentina’s e-commerce giant MercadoLibre.

PayPal has been working with Uber providing payment services since 2013 and is its lead processing partner in the US and Australia (but not the only one globally), according to the TechCrunch.

Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

Notably, this is the second big pre-IPO investment that Uber has announced this month.

The self driving unit of the global ride-sharing major announced a $1 billion investment from Japanese conglomerate SoftBanks Vision Fund, car manufacturer Toyota and automotive component supplier Denso last week.

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Uber officially filed its IPO process last week with the public filing of its prospectus. It would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

According to market sources, the company may provide a price range for its shares later in April and would go public in May. (IANS)

Next Story

Uber Announces 24X7 Safety Helpline for Users in India

“Rider can tap the safety helpline icon, hosted within the safety tool kit and swipe to speak to an Uber representative,” said the company

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Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

In a bid to improve rider experience in India, Uber on Tuesday announced a 24×7 safety helpline that will provide users with the option to get in touch with Uber’s safety team if they have an urgent, non-emergency issue such as a co-passenger’s misbehaviour, dispute with a driver or break-down while on a trip.

This feature is in addition to the in-app SOS button already available in the safety toolkit which allows riders to connect to law enforcement authorities in case of an emergency.

The 24×7 safety helpline support is not a replacement for 100 but a helpful way for riders and drivers to get urgent support, the company said in a statement.

“All our riders will now be able to access this helpline, any time of the day or night, should they need urgent assistance during their trip,” said Pavan Vaish, Head of Central Operations (Rides), Uber India and South Asia.

At the tap of a button, riders can immediately connect with Uber’s response team in English and Hindi where trained representatives of the “Safety Incident Response Team” will be available 24×7.

Uber app.

When a rider calls this helpline, Uber said it will aim to resolve all issues seamlessly and quickly.

The safety helpline number is available under the safety toolkit banner hosted within the Uber app.

To reach the safety tool kit, riders tap the shield icon to report a non-emergency safety incident, during a trip.

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“Rider can tap the safety helpline icon, hosted within the safety tool kit and swipe to speak to an Uber representative,” said the company.

Uber has recently launched several measures, like call anonymisation to protect the privacy of riders; comprehensive background checks of drivers and updated community guidelines which outline the behaviour expected of riders and drivers on the app to foster mutual respect. (IANS)