Uber partners with IPO-bound Shadowfax to integrate the logistics service provider’s two wheeler fleet with the ride-hailing majors’ UberMoto bike taxi offering
The partnership will enable Uber to bolster its bike taxi services with additional two wheelers and launch operations in cities where Shadowfax is present
This comes weeks after Uber announced the relaunch of its high-end Uber Black service in India, after a gap of almost a decade
In an effort to fuel its two wheeler rides, Uber has joined hands with IPO-bound logistics services provider ShadowFax
to integrate the latters’ two wheeler fleet with the ride-hailing majors’ UberMoto bike taxi offering.
The riders who drive for Shadowfax will now be able to switch during less hours of work and provide bike-taxi services for UberMoto.
The move will further allow Uber to bolster its bike taxi services with additional two wheelers and launch operations in towns where Shadowfax is present.
“This partnership with a third party logistics provider will materially unlock the supply of two wheelers on Uber while creating additional earning opportunities for drivers on the Shadowfax platform,” Arnab Kumar, director of business development, Uber India and South Asia said in a statement.
“This integration is in line with our ambition to truly become the operating system for multiple form factors and we are incredibly excited about the potential of this partnership for Uber Moto’s growth,” Kumar added.
This development comes weeks after Uber announced the relaunch of its high-end Uber Black service in India, starting with Mumbai, after a gap of almost a decade.
The competition amid ride hailing service providers is getting stronger with new players entering the industry with unique offerings to broaden its customer base.
For instance, a few weeks ago, Bengaluru-based unicorn Rapido was reportedly looking to place a bet on fully electrifying its bike taxi fleet in Delhi by next year.
Meanwhile, in late August, ride hailing startup Namma Yatri was also in initial talks with multiple American taxi unions to foray into the US cab market to compete with platforms such as Lyft and Uber, as per reports.
At the heart of this development, Shadowfax is reportedly planning to raise INR 2,500 – 3,000 Cr through an IPO at a valuation of INR 5,000 – 8,000 Cr.
As per ET’s report, citing sources close to the matter, both the promoters and equity investors have already started discussions with merchant bankers for the IPO.
By Inc42 Media
Source: Inc42 Media