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Sources: Uber could be valued at $120B in an IPO as soon as early 2019, nearly double its valuation two months ago, according to proposals from banks…

Wall Street Journal : Sources: Uber could be valued at $120B in an IPO as soon as early 2019, nearly double its valuation two months ago, according to proposals from banks   —  Eye-popping offering, which could take place early next year, is nearly double the ride-hailing company's valuation in a fundraising round two months ago

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Lyft hires Google veteran to build out business platforms

Lyft has hired Google veteran Manish Gupta as vice president of engineering to build out the ride-hailing company’s business platforms, including enterprise, partnerships and healthcare. Gupta will report directly to Peter Morelli. He will work alongside Ran Makavy, who heads up Lyft’s ride-share technology team, CTO Chris Lambert and Katie Dill, the company’s vice president of design. In this newly created position, Gupta will also oversee Lyft employees working on payments, fraud prevention and privacy. Gupta’s hiring comes amid explosive growth at the ride-hailing company . Two years ago, Lyft’s ride-hailing app was accessible in less than 50 percent of the U.S. and had only 17 percent market share — far behind rival Uber. Today, Lyft has 96 percent coverage in the U.S. and 35 percent market share. The company’s driver network has grown from 315,000 in 2015 to 1.4 million drivers in 2017. Its employee ranks have grown more than five-fold, to 3,600 people

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Grab-Uber deal wins Philippines approval but ‘virtual monopolist’ concern remains

Grab’s acquisition of Uber’s Southeast Asia business in May has been embroiled in regulatory scrutiny, but the ride-hailing firm has some positive news after the Philippines’ regulator gave the deal the all-clear. It did so, however, whilst laying out terms to prevent the company from becoming overly dominant. Singapore’s watchdog said in July that competition concerns may see it unwind the deal, which saw Grab pick up and then shutter Uber’s ride-hailing and food delivery business while the U.S. got a 27.5 percent stake in its recent. Competition is also a concern in the Philippines, but the Philippine Competition Commission (PCC) ruled today that Grab will submit to “service quality and pricing standards” in order to ensure consumers are treated fairly. Singapore and the Philippines have been the most staunch investigators of the deal, so today’s news is a significant boost for Grab, which recently scored $2 billion in funding from Toyota and a range of other investors. Despite the okay, the PCC is keeping a firm eye on the situation after it concluded that “Grab operates as a virtual monopolist.” The commission said that, post-Uber, Grab has committed to a series of terms that include more consistent and transparent pricing, the removal of exclusivity deals for drivers, and more. Here is the full list of clauses from the PCC website : Service Quality Commitment: Grab shall commit to bring back market averages for acceptance and cancellation rates before the transaction, and response time to rider complaints. Fare Transparency Commitment: Grab will revise its trip receipt to show the fare breakdown per trip, including distance, fare surges, discounts, promo reductions, and per-minute waiting charge (if reinstated by LTFRB). Commitment on Pricing: Grab shall not have prices that have an “extraordinary deviation” from the minimum allowed fares. Grab will be penalized equivalent to 5% of Grab’s commissions, or up to P2 million, in the identified trips with extraordinary deviation that do not have sufficient justification.

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