Thursday September 19, 2019
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Uber’s Self-driving Unit Gets $1 bn Investment

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

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

“Excited to announce Toyota, Denso and the SoftBank Vision Fund are making a $1 billion investment in Uber, as we work together towards the future of mobility,” Uber CEO, Dara Khosrowshahi tweeted late on Thursday.

Toyota and Japanese auto-parts supplier Denso will together invest $667 million, while Softbank’s Vision Fund will invest $333 million. SoftBank is already Uber’s largest shareholder, the CNBC reported.

Car maker Toyota invested $500 million in Uber in August 2018 when the two companies announced their intention to bring pilot-scale deployments of automated Toyota Sienna-based ridesharing vehicles to the Uber ridesharing network in 2021.

Uber app.

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”.

“We have incurred significant losses since inception, including in the United States and other major markets. We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability,” the company had said in the “S-1” form or the IPO Prospectus submitted to the Securities and Exchange Commission.

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The company noted that 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.

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

Indian Techie Discovers a Bug in Uber, Bags Rs 4.6 Lakh Reward

He has also participated in bug bounties for GitHub, Nokia, Soundcloud, Dropbox and PayPal in the past

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

Ride-hailing giant Uber that recently fixed a hacking bug found by Bengaluru-based cybersecurity researcher Anand Prakash which allowed hackers to log into anyone’s Uber account, and paid him $6,500 (nearly Rs 4.6 lakh) as reward.

The bug was an account-takeover-vulnerability on Uber that allowed attackers to take over any other user’s Uber account, including those of partners and Uber Eats users, inc42 reported.

As per media report, the bug was present in the API request function of the Uber app.

According to Uber, the bug was immediately fixed through the company’s bug bounty programme. It also said that over $2 million was paid to more than 600 researchers around the world, including Indian researchers.

Prakash had earlier removed a bug in Uber, by taking advantage of which anyone could travel for free for a lifetime in an Uber cab.

He started his career as a security engineer in Flipkart in 2014.

Uber app.

In 2016, he founded AppSecure, a cyber security startup.

Prakash has been featured in the Forbes’ “30 under 30 Asia” list.

In 2015, Facebook awarded him $15,000 as bounty for logging in without an account.

A graduate in computer science from Vellore Institute of Technology, Chennai, he also received $5,000 from Uber for booking a free ride and $4,700 from Tinder.

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Prakash has worked with the Bengaluru-based foodtech startup Freshmenu to make their platform secure.

He has also participated in bug bounties for GitHub, Nokia, Soundcloud, Dropbox and PayPal in the past. (IANS)