Categories Consumer

Uber might acquire Bird or Lime

Uber Technologies is said to be considering an acquisition of either Bird or Lime, according to a report by The Information. Bird and Lime are prominent start-ups in the electric scooter space, and both have valuations of over $1 billion.

Although it was reported that the negotiations are in early stages and there is no guarantee of a deal materializing, there has been no confirmation from any of the parties involved. Meanwhile, the CEO of Bird reportedly indicated that the company was not for sale.

Leading automakers and ridesharing companies are moving into the mobility services market which is increasingly gaining importance. Bikes and scooters are becoming a major part of this market with rapid growth being witnessed in the scooter space. Ridesharing companies are looking at providing customers with multiple booking options. In other words, customers can either book a car, a scooter or a bike on the same platform.

Uber’s loss continues in Q3, revenue and bookings increase

Uber, which acquired Jump Bikes earlier this year and rolled out its own scooters in October, is seeing a slowdown in growth in the US. The cab services provider, which is planning for an IPO next year, has also been incurring losses which might be one of the reasons the firm is looking to expand its range of mobility offerings.

The acquisition of any of the two scooter start-ups will help Uber increase its supply of scooters and also expand into more markets. Uber’s competitor Lyft is on a similar path and is making efforts to expand in the area of bikes and scooters through acquisitions and other strategies.

Also Read:  Vipshop Holdings (VIPS) surpasses Q1 earnings estimates; stock surges

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Cloudera (CLDR) posts narrower loss in Q1, beats estimates

Cloudera Inc. (NYSE: CLDR) reported a narrower loss in the first quarter of 2021 driven by lower costs and expenses as well as higher revenue. The results exceeded analysts' expectations.

CrowdStrike (CRWD): Shift to digital transformation presents huge expansion opportunity

CrowdStrike Holdings Inc. (NASDAQ: CRWD) has witnessed strong momentum with the stock gaining over 96% since the beginning of the year. The company delivered strong results for the first quarter

Why Zscaler (ZS) stock reached all-time high on Monday?

Internet security has been evolving over time, aided by the rapid adoption of cloud computing, the ubiquity of mobile phones, and the growing threats that cause serious problems to enterprises

Top