Tuesday, July 7, 2020
Home Lead Story Indian Drivers Face the Heat as Uber Plans IPO

Indian Drivers Face the Heat as Uber Plans IPO

Uber filed its IPO process last month. It would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”

As Uber drivers planned a global strike on Wednesday ahead of the ride-hailing giant’s massive initial public offering (IPO), Uber drivers in India said they are facing the heat as cash incentives have considerably gone down while work hours have gone up.

Drivers in cities like Los Angeles, New York City, London and Tokyo were to join the strike and log off from the apps on Wednesday.

According to Santosh, an Uber driver in Delhi-NCR, the initial adrenaline rush is over and it has been difficult to run the family as income is low, incentives are down and stress levels are high owing to the pressure to pay monthly EMIs towards car and home loans.

“When I joined Uber, things were just going fine. Now, with low cash incentives, I have to drive for long hours to make the ends meet,” Santosh told IANS.

Dharam and Shamu, both Uber drivers, also echoed Santosh’s view.

An email sent to Uber India for a comment went unanswered.

Uber launched its services in India in 2013 with its UberBLACK service and launched its premium UberX service in 2014.

Uber currently operates in 31 cities in the country and aims to take its services to other, deeper parts of the country.

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

The global ride-hailing platform in January announced the appointment of Indian Institute of Technology (IIT)-Kharagpur alumnus Pavan Vaish as the new Head of Central Operations.

Uber filed its IPO process last month. It would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

The company is seeking a market value just above $90 billion in its IPO, according to documents filed with regulators. The ride-hailing company has also announced one-off bonus for drivers as it prepared to go public.

As of December 31, 2018, it had 91 million, or 9.1 crore, monthly active platform users. There were 3.9 million, or 39 lakh, drivers on the platform by the end of 2018.

Also Read- TikTok Becomes Top Free App on iOS

Uber and Lyft drivers in cities, including Los Angeles, New York City and London, were set to join the strike and log off from the apps (from 7 am to 9 am ET) on Wednesday.

“Wall Street investors are telling Uber and Lyft to cut down on driver income, stop incentives and go faster to Driverless Cars,” Bhairavi Desai, Executive Director of the New York Taxi Workers Alliance, was quoted as saying by the CNET.

“With the IPO, Uber’s corporate owners are set to make billions, all while drivers are left in poverty and go bankrupt,” she added.

In a statement to CNET, an Uber representative said: “Drivers are at the heart of our service — we can’t succeed without them — and thousands of people come into work at Uber every day focused on how to make their experience better, on and off the road”. (IANS)

STAY CONNECTED

18,992FansLike
362FollowersFollow
1,781FollowersFollow

Most Popular

A Must have Adventure Bucket List

The worldwide lockdown due to coronavirus has brought a screeching halt to every industry, including the travel and hospitality. With restrictions on international travel...

Picture Perfect Living Room Decor Ideas

A cosy and comfortable sofa set, a coffee table for tete-a-tete and a perfect TV unit to keep the entertainment mode on, all these...

‘Covid’ Now the most Searched Word of 2020

The term 'Covid' - the commonly used shorthand for Covid-19 or Coronavirus disease caused by the SARS CoV-2 virus - is the top word...

Beauty of Indian Culture: William Dalrymple on his Experience Living in India

India is one of the most religiously and ethnically diverse nations with the oldest culture in the World. The Indian culture varies like its...

Scientists Warn About Airborne Spread of Coronavirus

A report in The New York Times says a group of 239 scientists from 32 countries will publish an open letter to the World...

Online Searches Fall for Tik ToK, WeChat, ShareIT After Ban in India

The Indian government's decision to ban 59 Chinese owned apps has impacted online searches for those apps. A study found that on the June...

CBSE Partners Facebook to Provide Training on Digital Safety

The Central Board of Secondary Education (CBSE) on Sunday announced a partnership with Facebook to provide training on digital safety, online well being and...

Asthma Doesn’t Trigger Covid-19 Severity: Scientists

Asthma does not appear to increase the risk for a person contracting Covid-19 or affect its severity, according to new research. The team from Rutgers...

Recent Comments