Uber IPO Could Spark Wave of Sex Assault Disclosures

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Uber IPO Could Spark Wave of Sex Assault Disclosures

Uber Eats' revenue surpassed $1.4 billion in 2018, just three years after it began operations, according to an SEC filing.

The company isn't the first in the delivery space to go after an IPO - Grubhub and Waitr are already public and DoorDash is likely not too far behind, meaning a competitive advantage of new capital is already available to some of its top USA competitors.

While Uber has often said that India is a high-growth market, the prospectus also pointed out that the country is among the few where average revenue per bookings is low, apart from facing stiff competition and regulation.

In the filing, Uber said it makes 14 million trips each day, but lost $1.8 billion in 2018.

Media reports this week said the San Francisco-based company seeks to sell about $10 billion worth of stock, valuing the stock between $90 billion and $100 billion. Delivery has been particularly successful for McDonald's, which offers the service to 13,000 units globally, and delivery now makes up about 10% of sales at some McDonald's restaurants, according to the filing.

Ride-hailing rivals Lyft won the race to an initial public offering but the firm's share price has taken a heavy hit since going public, which may cause Uber to reevaluate their own expectations.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving auto project took with him thousands of confidential documents.

"We have incurred significant losses since inception, including in the United States and other major markets".

The decade-old company also warned that it may fail to develop and successfully commercialise autonomous vehicle technologies and expected that its competitors would develop such technologies before it.

Daniel Ives of Wedbush Securities noted that the ride-hailing firms will face competition from other autonomous driving firms including the former Google vehicle unit Waymo.

The ridesharing giant is also working on self-driving robots that should work on food deliveries for UberEats, additionally planning on expanding the business to food and freight delivery on bicycles and motorcycles.

"We depend on a limited number of suppliers for our dockless e-bikes, and on a single supplier for our e-scooters that also supplies our primary competitors", the filing says.

It's been a tumultuous journey for Uber to get to this point: regulatory fights, accusations of hacking and spying, sexual misconduct by top executives, allegations of harassment and gender discrimination, numerous lawsuits and fines, crimes committed by drivers (including a mass shooting), claims of stolen self-driving technology, and the ousting of the company's co-founder and CEO. Most recently, Hyundai invested $300 million in Ola.

The blowback in the problems assisted Lyft pickup soil in the USA and contributed to the ouster of both Uber co-founder Travis Kalanick CEO in 2017.

But the company is trying to put the Kalanick era behind it, and that's clear in the filing.

"Our continued success will come from stellar execution and the strength of the platform we have worked so hard to build", CEO Dara Khosrowshahi said in a letter in the filing.

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