Friday December 6, 2019
Home Lead Story PayPal Invest...

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

0
//
PayPal
Paypal making online shopping simpler for India as a result of the recent push by the India government towards digitalizationP

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.

Also Read- Vivo Refreshes its Y Series in India: Report

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 India Launches 2nd ‘Center of Excellence’ in Vizag

The Vizag facility will be Uber's 12th COE, globally

0
Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

In a bid to offer rapid, reliable and world-class customer support to its customers, ride hailing major Uber on Monday launched Indias second “Center of Excellence” (COE) in Visakhapatnam which will create 500 jobs in the country.

Set up at a cost of $800,000, the new COE will provide specialised customer support for critical incidents that require immediate attention, by employing dedicated teams of solution-oriented, trusted experts to support millions of Uber customers in India, South Asia and APAC regions.

“With the launch of the second COE in India, we aim to reiterate our deep commitment to India by bringing safer and responsible mobility solutions to our riders. Through the new COE we plan to expand our global customer support footprint as well as aim to create new economic opportunities for the high talent in this country,” Wen-Szu Lin, Senior Director, Community Operations for Asia Pacific, Uber, said in a statement.

Uber app. Pixabay

The trained COE teams will respond to any urgent issue or incident that is reported to the company and will operate 24X7.

The global ride hailing giant launched its first India COE in Hyderabad in 2015.

Also Read: Amazon Brings Quantum Computing to AWS Cloud: Report

It has over 1,000 employees providing critical regional and global customer support services to the Uber community of riders, drivers, eaters, couriers and restaurant partners.

The Vizag facility will be Uber’s 12th COE, globally. (IANS)

Next Story