Since launching in Moscow three years ago, Uber has had a tough time displacing its local counterpart in Russia. Yesterday the world’s biggest ride-share startup gave up on the quest and inked a deal with Yandex.Taxi. The newly formed venture is valued at $3.7 billion and is owned 59.3% by Yandex and 36.6% by Uber, with the remaining 4.1% held by employees.
Home rental company AirBnb has just got another $1 billion (£821 million) cash injection to be used for expansion. The company, which disclosed the funding in a securities filing on Thursday, raised the money in a financing round that began last summer. The company is now valued at soem $31 billion, but this filing did not list new investors.
French automaker Renault has just acquired taxi metasearch app Karhoo, according to the news from Tnooz. In a deal undertaken by Renault’s wholly owned bank RCI, the business which acquired the assets of Karhoo from the administrators of the startup.
Mixed news from ridesharing behemoth Uber this week does not bode well for investors in the venture. With a pile of lawsuits, and losses expected to exceed $3 billion for the year, some experts fear no profitability in the near future.
Two cutting edge transportation startups, Lyft and Uber, they’ve done a good job of marketing anything and everything that could help them convert. Long billed as green friendly ride share services, the two have pledge in the past to help reduce the number of cars on the road.
HomeAway, the innovative vacation rental startup we’ve covered before, has invested $20 million in in social review startup Gogobot. Along with Battery Ventures and Redpoint Ventures, HomeAway aims to enhance profitability of the larger entity via restaurant and other ancillary recommendations.