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OYO said to be in discussions for another Softbank round

Indian hospitality startup OYO has now been reported by various media sources to be in talks of raising another new round which could value the 5 year old firm at up to $4 Billion and mark a notable jump from its most current size having raised well over $400 million in total funding across several rounds as of current.

Reports state of OYO being in talks with Softbank and co-working giant WeWork concerning a funding round which could raise up between $500 million - $1 Billion and may value the company at between $4 Billion - $5 Billion.

Last valued at $850 million from a previous funding round led by Softbank, The Indian hospitality firm has grown to be a major budget accommodation provider to a large number of customers with a current presence in over 230 Indian cities inking notable partnerships with several hotel owners who make use of its service to gain access to more customers.

With over 10 million downloads so far of its app and a large user base, OYO has cemented a status as…
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NIO said to be seeking pre-IPO investment at $6.5 Billion valuation

Chinese EV manufacturer NIO on the heels of officially filing for a $1.8 Billion IPO set to take place on the NYSE has now been reported by China Money Network to be aiming for a pre-IPO funding round which would value the 4 year old automaker at $6.5 Billion citing Chinese media insiders.

This would see the company currently valued at $5 Billion jump in value before its debut on public markets shortly after beginning sales of its first mass market electric vehicle in China which has clocked well over 1,000 sales last month alone.

For the first half of this year, NIO reported total revenues of just nearly $7 million having not began sales during the period and will have to show good revenues and standing in the EV market to achieve a good value on the stock market as it's set to become the first Chinese EV unicorn to list on a U.S. stock exchange.

As of July ending, NIO reported it had received over 17,000 reservations for its ES8 vehicle waiting to be fulfilled as the company ra…

Coinbase's new wallet offers a nice range of cryptocurrency services

Blockchain and crypto trading firm Coinbase has unveiled a new service for its users this time rebranding its decentralized web browser Toshi as Coinbase Wallet as part of larger efforts to put more resources into products aimed at defining the future of the decentralized web.

When launched by Coinbase just over a year ago, Toshi featured the world's first mobile dapp (decentralized apps) browser offering ways of accessing the decentralized web and managing crypto as easy as downloading an app on the mobile phone.

As part of its goals to re-define what users should expect a crypto wallet to be, Coinbase which currently stands as the world's largest digital currency trading service is providing users with several features which include:







A medium to manage ETH and ERC-20 tokens with support for BTC, BCH and LTC in the works.Buying and selling of crypto collectibles.Sending of global payments.Access to major decentralized exchanges for trading of tokens.Reception of airdrops and …

Amazon said to be gearing to acquire Landmark Theatres

Retail giant Amazon is now said to be contending for an acquisition of 56 cinema strong movie chain Landmark Theatres in a bid to make more moves and disruption in the brick-and-mortar scene.

Landmark Theatres is owned by Wagner/Cuban Cos. with the name notably referencing to its two tech entrepreneur owners Mark Cuban and Todd Wagner who reaped a good fortune selling now defunct internet broadcasting service Broadcast.com to Yahoo for $5.7 Billion in 1999.

An acquisition would indicate the tech behemoth looking to tap into another market consisting of a good customer base for its current streaming and movie production services as Amazon which as of current hasn't made any official comments concerning acquisition reports looks to expand into larger market segments in a bid to grow its vast consumer reach.





Landmark currently counts presence in high-profile locations including LA, San Francisco, New York, Chicago, Philadelphia, Boston, Santa Cruz and Seattle with a total count of 2…

Rovio revenue rises as Angry Birds maker lures more players with marketing spend

Video game developer Rovio has just outed its half year financial reports reporting 71.8 million euros ($81.7 million) in 2nd quarter beating analyst estimates and 137.5 million Euros ($152.6 million) for the entire half of this year thanks to an increase in players of its mobile games as the company spent significantly on sales and marketing efforts.

22.9 million Euros was spent on user acquisition investments representing 35% of its gaming revenue as the company which went public last year makes more efforts to lure users for its mobile games to increase slowing revenues.

Rovio's Angry Birds movie which contributed significantly to is financials has seen a decline although the number of active players for its games rose higher than analysts expectations.





The drop in the movie income was nevertheless expected as most of the revenue from that segment came during Q2 last year when hype and adaptation of its title was much more intense. Expecting between 260 million Euros - 300 mil…

DoorDash raises another $250 million in funding at a $4 Billion valuation

Food delivery startup DoorDash just six months after taking on a Softbank led $535 million round has nabbed another $250 million in funding from DST and Coatue Management, This time nearly tripling its previous valuation with the San Francisco based startup now being valued at $4 Billion.

This brings the total raised by DoorDash to almost $1 Billion across several rounds for the firm which counts other notable backers including Sequoia, Kleiner Perkins, Y Combinatorial and Khosla Ventures.

Since January, DoorDash's geographical footprint has nearly doubled to 1,000 cities across the U. S. and Canada and is on pace to reach 2,000 cities by the end of this year.






Growing 250% year-over-year, It has added more top restaurants to its platform in addition to a notable grocery delivery partnership with retail giant Walmart which has expanded to nearly 300 stores across 20 U. S states in the last four months.

As it takes on intense competition from the likes of UberEats and Postmates in …

SoFi said to be seeking credit line of up to $1 Billion

Fintech unicorn SoFi has been reported to be in discussions with local banks aiming for a credit line of up to $1 Billion with the deal said to be precursor to an IPO expected to take place sometime next year.

As per Bloomberg, The SF based company which focuses on online lending even as it makes moves to become a full fledged digital finance firm has approached several financial institutions for a potential loan citing people familiar to the matter.

In the past, SoFi has raised about $150 million in credit facilities in addition to around $1.8 Billion in equity financing which would make it not the first time the company would be taking on a credit line.

Last month, The Wall Street Journal reported of SoFi seeking for a $500 million unsecured credit line geared towards acquisitions but with more expansion as it seeks to offer a vast array of online financial services, It might be tapping into more cash reserves for its operations.

Since taken the position of CEO as the company, form…

Kroger and Nuro ride into Arizona with autonomous delivery

Well over a month after announcing a partnership with robo-delivery startup Nuro, Grocery giant Kroger is now bringing self-driving grocery delivery to the state of Arizona with deleveries through Nuro's self driving Toyota Priuses starting this Thursday.

This is the first project for the 2 year old startup launched by two Google autonomous vehicle project veterans which came out of stealth mode with a $92 million funding round announced early this year.

Customers will now be able to order from a single Fry's food location paying a flat robo-delivery fee of $5.95 with no minimum order.

"We're excited to launch our autonomous vehicle delivery pilot with Fry's in Scottsdale," said Kroger Chief Digital Officer Yael Cosset. "Kroger wants to bring more customers the convenience of affordable grocery delivery, and our pilot with Nuro will help us test and learn to understand customer acceptance of autonomous vehicles in our seamless offering"






Nuro's …

Uber reportedly told by investors to sell its self-driving unit

Ride-hailing giant Uber has been reportedly told by investors to sell its self-driving vehicle unit over mounting losses as per a new piece from The Information which cites an unnamed person familiar with the issue.

Uber's Advanced Technologies Group which comprises of its autonomous vehicle efforts has racked up losses between $125 million to $200 million each quarter for the past 18 months equivalent to between 15% and 30% of its quarterly losses as reported by Uber indicating the unit taken huge investments amid a not yet clear commercialization path.

Over the past 3 years, Uber has invested at least $2 Billion into the unit making efforts to boost its autonomous vehicle base amid competition with the likes of Waymo and several other major self driving startups.





Uber still needs to develop its autonomous vehicle efforts in order to gain a good stand in the long term and would have to figure out ways to court other self driving vehicle developers to its own network and find way…

Kroger teams up with Alibaba to sell groceries in China

U.S.'s largest grocery chain Kroger is now making moves into the international market for the first time ever partnering with Alibaba on a pilot online store test in China launching a store on the Chinese e-commerce giant Tmall's global site offering initial products including organic goods, dietary supplements and private-label products.

Kroger has made long and vast efforts partnering with several technology firms to expand its grocery services having taken actions on autonomous delivery along with collaborations with startups to offer digital integrations for its brick-and-mortar grocery service.

The grocery chain is making these moves to boost growth and keep up with rapidly increasing competition from new ventures with Amazon's Whole Foods being a major contender.

In an interview with the Wall Street Journal, The company's chief digital officer Yael Cosset stated “Growing into the Chinese market is a huge opportunity for Kroger and we are really excited,”. An Ali…

Y Combinator is setting up a Chinese arm with former Baidu executive as CEO

Renowned startup incubator Y Combinator has announced its move to launch in the Chinese region with its CEO Sam Altman detailing in a recent post of a program dubbed YC China being established in the region with Former Yahoo, Microsoft and Baidu alum Qi Lu heading the effort in the new location.

Qi is also taking the position of Head of YC Research, The incubator's non-profit research lab as he oversees its Chinese ventures as a Founding CEO.

The San Francisco based incubator known for churning out several major alumni startups including Airbnb, Dropbox, Stripe, Twitch, Docker, Quora, Rigetti Computing among many others is also establishing a new research location in Seattle as part of its move to drive more innovation.

Quoting YC CEO Sam Altman, "Our mission at YC is to enable more innovation than any other company in the world, and to ensure that the benefits of that are fairly spread throughout humanity. We believe that technology drives innovation, that startups can do v…

Uber adds former NSA General Counsel to lead its security team

Uber Technologies has named former Director of the National Counterterrorism Center Matthew Olsen as its Chief Trust and Security Officer in a new move which marks efforts by the company to boost security for its data crucial global ride-hailing network.

As announced by its CEO Dara Khosrowshahi on Tuesday, Olsen will be replacing former cybersecurity chief Joe Sullivan who left the company after revelations of a massive data breach concerning tens of millions of users was outed and now heads security at web-performance and security startup CloudFlare.

Thrilled to have Matt Olsen on board as #Uber Chief Trust and Security Officer. He has more than earned the respect of our team at all levels while working with us over the last few months - https://t.co/Xxssp1Wa3r — dara khosrowshahi (@dkhos) August 14, 2018Olsen has served as chief legal adviser to the NSA in addition to holding various leadership positions at government agencies and joined Uber last year as an adviser with him now …

Alphabet takes stake in Oscar Health with $375 million investment

NY based healthcare startup Oscar has now gotten a $375 million investment from tech giant Alphabet boosting the total raised by Oscar notable for its health insurance product offerings to about $1.3 Billion across several rounds.

Notably founded by a team consisting of its current CEO Mario Schlosser, Kevin Nazemi and Joshua Kusher (brother of Jared), Oscar has grown to a very good position since its founding 5 years ago garnering backing from the likes of Khosla Ventures, 8VC, Fidelity, General Catalyst, Breyer Capital, Thrive Capital, Goldman Sachs, Stanley Druckenmiller and several notable names, Oscar has grown from just from offering its service to individuals to several business offerings for the healthcare industry.

The New York based startup last raised $165 million prior to this round March this year at a valuation around $3 Billion which remains similar to this one while giving Alphabet a roughly 10% stake in Oscar.

Longtime Google executive and former YouTube CEO Salar Ka…

Tinder co-founders and top employees sue parent company Match Group for $2 Billion

Tinder, The successful dating app on pace to earn $800 million in revenues this year has seen quite a bit of action as its co-founders and top executives are suing the parent company, Internet conglomerate Match Group over allegations that it cheated them out of billions of dollars worth of stock options by "manipulating financial information, undermining Tinder’s valuation, and unlawfully stripping away their Tinder stock options."

The plaintiffs involved in this lawsuit include Tinder co-founders Sean Rad, Justin Mateen, and Jonathan Badeen, Three of its current executives with the rest being former executives and directors.

They accuse IAC/InterActiveCorp and its and its Match Group subsidiary of stealing billions of dollars from its employees by making use of "deception, bullying, and outright lies" lowering Tinder's value when dishing out options to them.

As per the lawsuit, Written contracts between IAC and Tinder's employees required the service to …

Alibaba's strategic investment in Turkey's largest e-commerce firm Trendyol values it at $750 million

Turkish e-commerce firm Trendyol notable for being the largest e-commerce company in the country saw Chinese internet giant Alibaba take a stake in the firm acquiring shares from earlier investors and putting up new funds into the company which valued it at around $750 million.

Although this deal was made 2 months ago, It's put Trendyol into the limelight for this deal which marks the largest startup deal to come from the region yet with Alibaba now partnering with the Turkish firm to accelerate its growth across its region providing more services to its 16 million customers.

This marks another move from the Chinese e-commerce giant as it gears towards rapid international expansion to boost its customer base, output and global reach.

“We are very excited about this partnership.  The two companies share a very similar culture, values and both have huge ambitions for the digital economy” said Demet Mutlu, Founder and CEO of Trendyol, “We began our journey, eight years ago with a te…

Tesla's board forms 3 member panel to decide on acquisition

On the heels of a not yet very clear acquisition, EV manufacturer Tesla has formed a special committee consisting of 3 directors to negotiate with its CEO Elon Musk concerning taking the electric car maker private although as stated, A clear offer has not been made yet from Musk.

Although a firm proposal has not been received, This indicates a signal to a serious consideration of a buy which was first touted by Musk 7 days ago with a tweet which came to investors and shareholders with a big surprise.

Just recently, Musk outed more info in a Tesla blog post concerning plans of taking the company private with him defending his tweet stating "funding secured" saying that he was already sure of a deal with the Saudi Arabian Public Investment Fund before taking the considered acquisition to public eye and also made note that shareholders would still be allowed to keep their shares in a newly formed private entity if the purchase goes through in addition to clarifying that most o…

Ucommune said to be aiming for $200 million funding round and IPO as early as next year

On the heels of a $43.5 million funding round which valued Ucommune, The 3 year old Chinese co-working startup at $1.8 Billion, A new piece from Bloomberg states of the WeWork China rival aiming to raise $200 million in total in a Series D funding round with the company also aiming for an IPO which could take place as early as next year likely on the Hong Kong stock exchange.

Ucommune has stood as a major co-working startup in the Chinese region heavily funded with well over $400 million so far in funding from several notable Chinese investors having grown to a stated 160 locations in over 35 cities servicing over 150,000 individual members and 8,000 enterprises in total as per the company.





Commenting on the just recently concluded funding round, Mao Daqing, The company's founder and CEO said "The concept of coworking has evolved tremendously over the last two years to one that compasses traditional rental, bespoke design, community networking and new retail. Ucommune has ev…

Chinese EV maker NIO files for $1.8 Billion IPO

Chinese electric vehicle manufacturer NIO has now filed for its long reported IPO this time aiming to raise as much as $1.8 Billion on the New York Stock Exchange to get more funds for its capital intensive EV business in what would count as one of the largest IPOs to take place this year.

NIO began 4 years ago to challenge Tesla in the Chinese electric vehicle market and take on other competition in the space and has since grown to over 6,000 employees as of current having raised over $2 Billion so far with a post-money valuation of around $5 Billion from its most previous round.

Chinese internet giant led the most recent $1 Billion Series D round for the automaker which counts other notable investors including Baidu, Temasek, Sequioa, Lenovo, TPG, Hillhouse and Joy Capital among several others.





NIO began delivery of its first mass market electric vehicle, the seven-seat ES8 just this June and according to a report from Forbes, It delivered 1,331 of the vehicles just last month alon…

OfferUp is aiming for $150 million more in funding just after competitor LetGo's $500 million raise

Washington based classifieds and e-commerce startup OfferUp is raising another major round of funding according to a new filing with the SEC which indicates of the company issuing shares worth up to $150 million for new investors with $39 million already raised so far as OfferUp aims to boost its balance sheets as it expands in the rapidly growing and competitive e-commerce market.

Prior to this round, OfferUp has raised $221 million so far across several rounds from the likes of Andressen Horowitz, Tiger Global, Allen & Company, T. Rowe Price, GGV Capital and several others with the 7 year old company being among the global e-commerce unicorns valued at $1.2 Billion from its most previous funding round.

 “Our focus on building the best and most successful experience for consumers has resulted in OfferUp being the largest local marketplace in the U.S.,” OfferUp CEO Nick Huzar said in a statement. “We’re now well on our way to leveraging our size and reach into building a real bus…

Middle Eastern ride-hailing unicorn Careem said to be testing Bus service in Egypt

Dubai based ride-hailing startup Careem has now been said to be testing a new Bus service expected to begin September as per a new report from Bloomberg which states of the feature going initially live in 4 cities ahead of a possible roll-out across all 14 countries it operates in beginning next month.

The Careem Bus is a division said to be aimed at attracting low-income earners for its service with significant but undisclosed capital being allocated for the project.

Since its launch 6 years ago, Careem has grown to be the major ride-hailing company in the Middle Eastern region with 20 million registered users and well over $571 million raised so far.

Valued at $1.2 Billion with its most previous round of funding, Careem has been reported to be in talks of raising $500 million along with early talks of a potential IPO aimed for January next year.

Careem has expanded into other services in a bid to keep up with competition from Uber in the region with this service being one among man…

Elon Musk outs more info on considered Tesla takeover

In a new blog post today penned by Tesla CEO Elon Musk, The EV maker leader dished more information about the considered Tesla take over at $420 per share with Musk outing key info which includes that the proposed deal would not outcome as an outright acquisition of all Tesla stock as shareholders who desire to keep shares in a newly formed private entity would be allowed to do so along with the Tesla CEO stating that the Saudi Arabian sovereign wealth fund has made discussions about taking Tesla private multiple times "in an important bid to diversify from oil".

Musk defended his tweet of stating "funding secured" already for the deal stating that by the time He concluded a July 31st meeting with the Saudi sovereign fund which had built up a 5% stake in the EV maker,A deal was already sure of being closed with the country's investment fund.






Quoting Musk:

"I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be clo…

Netflix CFO David Wells is stepping down

Online Streaming and media giant Netflix has now announced its 8 year long CFO David Wells will be stepping down from his role after he gets to choose a successor from a search involving both internal and external candidates as he gets to leave his current position in his 14th year at the company.

Wells joined Netflix 2 years after it went public before ascending to the CFO position 6 years later being among the team which has seen Netflix scale from just a movie rental service to a global digital streaming and production giant counting blockbuster movies and major Hollywood names amongst its portfolio.






"It's been 14 wonderful years at Netflix, and I'm very proud of everything we've accomplished," Wells said. "After discussing my desire to make a change with Reed (Netflix CEO), we agreed that with Netflix's strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company. Perso…

Chinese co-working startup MyDreamplus nabs $120 million in round led by Hillhouse and General Atlantic

Chinese co-working startup and WeWork China competitor MyDreamplus has now raised $120 million in a new funding round co-led by Chinese investment giant Hillhouse Capital and General Atlantic with participation from other investors including Joy Capital, Ocean Link, K2VC and M31 Capital.

This funding which brings the total raised by the 3 year old Chinese startup to nearly $190 million comes on the heels of MyDreamPlus's expansion as it aims to double its floor space within the next 12 months.

As competition in the Chinese co-working space heats up, MyDreamPlus would have to expand its presence across the region to keep up with demands from customers and would make use of this funding to boost its growth.

It's grown to 37 locations tailored for local demands across China since its inception with 25 of them located in Beijing with others across Hangzhou, Chengdu, Shanghai and Xi'an.

With 300,000 square meters of office space as of current, MyDreamPlus is growing at the rat…

Tesla reportedly nabs key Volvo designer Ian Kettle to style its EVs

EV manufacturer Tesla has now made a key hire for its vehicle design, This time nabbing notable Volvo designer Ian Kettle as per reports from Auto Express and Electrek which noted of the designer who led the exterior work for its compact XC40 SUV now having a role at Tesla's Los Angeles Design Studio.

Kettle has been at Volvo for 6 years with the Royal College of Art and Coventry University student handling multiple works as a Senior Exterior Designer for the Swedish automaker.

As per reports, Kettle will now report to Tesla design director and former Mazda designer Franz von Holzhausen while he takes on currently unspecified work at the California based EV manufacturer.

He would now count as a plus to Tesla's other exterior car designers WooTak Kim who notably led interior design for Porsche's all electric Mission E vehicles and former Mazda designer Julien Bilodeau who like Kim came to Tesla a few years ago.

The XC40 for which Kettle led the design has been praised by v…

21st Century School Galvanize takes on $43 million in funding

Denver based coding school Galvanize has raised a good $43.3 million as per its recent filing with the SEC reflecting its previously reported $32 million funding round in addition to extra convertible notes issued by the company with a portion of these funding devoted to its acquisition of fellow coding school Hack Reactor.
Galvanize initially kicked off in Denver but has expanded to a number of locations including Boulder, Seattle, New York, Texas and Arizona minting tech talent around the U.S. for top enterprise and entrepreneurship positions.
NY based private equity firm led this round which brings the total raised by Galvanize to well over $100 million.
Galvanize also counts notable names including University Ventures, Aspen Grove Capital,ABS Capital Partners, The Colorado Impact Fund and Liberty Media CEO Greg Maffei among its investor roster.





Facebok's David Marcus leaves Coinbase's board to Avoid ‘Appearance’ of Conflict of Interest

Facebook's current blockchain head David Marcus has now stepped down from the board of digital currency exchange unicorn Coinbase in a bid to avoid conflict on interest over his new role as head of the social networking giant's blockchain efforts which may compete with Coinbase's products.

According to a Facebook spokesperson as reported by CNBC, the move was “to avoid the appearance of conflict, rather than because of an actual conflict.”

The Facebook Vice President who is also a former President of PayPal was appointed to Coinbase's board December last year being chosen based on his experience at with digital payments at both PayPal and Facebook in addition to his knowledge of the cryptocurrency ecosystem.






“Because of the new group I'm setting up at Facebook around Blockchain, I've decided it was appropriate for me to resign from the Coinbase board." Marcus said in a statement released to various media outlets concerning his resignation from the board.

Software giant Oracle accused in new lawsuit of defrauding investors on Cloud Sales Growth

Redwood based software giant Oracle has been named in a lawsuit filed by the City of Sunrise Firefighters' Pension Fund, An investor which alleges that Oracle executives lied to shareholders with explanations of growth in cloud sales which didn't pan out well after its financial reports released in March showed disappointing earnings and outlook which led to a dive in the company's stock price.

The Florida based investor claims Oracle made use of coercion and threats to sell its cloud computing products which it says led to an un-maintainable business model which fell apart leading to lower sales.

As per the filing, The Pension fund alleges Oracle "misrepresented the true drivers of the Company's cloud revenue growth ... In truth, Oracle drove sales of cloud products using threats and extortive tactics. The use of such tactics concealed the lack of real demand for Oracle's cloud services, making the growth unsustainable and ultimately driving away customers.&…

Popular from The Techie

Uber adds former NSA General Counsel to lead its security team

Uber Technologies has named former Director of the National Counterterrorism Center Matthew Olsen as its Chief Trust and Security Officer in a new move which marks efforts by the company to boost security for its data crucial global ride-hailing network.

As announced by its CEO Dara Khosrowshahi on Tuesday, Olsen will be replacing former cybersecurity chief Joe Sullivan who left the company after revelations of a massive data breach concerning tens of millions of users was outed and now heads security at web-performance and security startup CloudFlare.

Thrilled to have Matt Olsen on board as #Uber Chief Trust and Security Officer. He has more than earned the respect of our team at all levels while working with us over the last few months - https://t.co/Xxssp1Wa3r — dara khosrowshahi (@dkhos) August 14, 2018Olsen has served as chief legal adviser to the NSA in addition to holding various leadership positions at government agencies and joined Uber last year as an adviser with him now …

Chinese co-working startup MyDreamplus nabs $120 million in round led by Hillhouse and General Atlantic

Chinese co-working startup and WeWork China competitor MyDreamplus has now raised $120 million in a new funding round co-led by Chinese investment giant Hillhouse Capital and General Atlantic with participation from other investors including Joy Capital, Ocean Link, K2VC and M31 Capital.

This funding which brings the total raised by the 3 year old Chinese startup to nearly $190 million comes on the heels of MyDreamPlus's expansion as it aims to double its floor space within the next 12 months.

As competition in the Chinese co-working space heats up, MyDreamPlus would have to expand its presence across the region to keep up with demands from customers and would make use of this funding to boost its growth.

It's grown to 37 locations tailored for local demands across China since its inception with 25 of them located in Beijing with others across Hangzhou, Chengdu, Shanghai and Xi'an.

With 300,000 square meters of office space as of current, MyDreamPlus is growing at the rat…

Uber reportedly told by investors to sell its self-driving unit

Ride-hailing giant Uber has been reportedly told by investors to sell its self-driving vehicle unit over mounting losses as per a new piece from The Information which cites an unnamed person familiar with the issue.

Uber's Advanced Technologies Group which comprises of its autonomous vehicle efforts has racked up losses between $125 million to $200 million each quarter for the past 18 months equivalent to between 15% and 30% of its quarterly losses as reported by Uber indicating the unit taken huge investments amid a not yet clear commercialization path.

Over the past 3 years, Uber has invested at least $2 Billion into the unit making efforts to boost its autonomous vehicle base amid competition with the likes of Waymo and several other major self driving startups.





Uber still needs to develop its autonomous vehicle efforts in order to gain a good stand in the long term and would have to figure out ways to court other self driving vehicle developers to its own network and find way…

Coinbase's new wallet offers a nice range of cryptocurrency services

Blockchain and crypto trading firm Coinbase has unveiled a new service for its users this time rebranding its decentralized web browser Toshi as Coinbase Wallet as part of larger efforts to put more resources into products aimed at defining the future of the decentralized web.

When launched by Coinbase just over a year ago, Toshi featured the world's first mobile dapp (decentralized apps) browser offering ways of accessing the decentralized web and managing crypto as easy as downloading an app on the mobile phone.

As part of its goals to re-define what users should expect a crypto wallet to be, Coinbase which currently stands as the world's largest digital currency trading service is providing users with several features which include:







A medium to manage ETH and ERC-20 tokens with support for BTC, BCH and LTC in the works.Buying and selling of crypto collectibles.Sending of global payments.Access to major decentralized exchanges for trading of tokens.Reception of airdrops and …

SoFi said to be seeking credit line of up to $1 Billion

Fintech unicorn SoFi has been reported to be in discussions with local banks aiming for a credit line of up to $1 Billion with the deal said to be precursor to an IPO expected to take place sometime next year.

As per Bloomberg, The SF based company which focuses on online lending even as it makes moves to become a full fledged digital finance firm has approached several financial institutions for a potential loan citing people familiar to the matter.

In the past, SoFi has raised about $150 million in credit facilities in addition to around $1.8 Billion in equity financing which would make it not the first time the company would be taking on a credit line.

Last month, The Wall Street Journal reported of SoFi seeking for a $500 million unsecured credit line geared towards acquisitions but with more expansion as it seeks to offer a vast array of online financial services, It might be tapping into more cash reserves for its operations.

Since taken the position of CEO as the company, form…

Elon Musk outs more info on considered Tesla takeover

In a new blog post today penned by Tesla CEO Elon Musk, The EV maker leader dished more information about the considered Tesla take over at $420 per share with Musk outing key info which includes that the proposed deal would not outcome as an outright acquisition of all Tesla stock as shareholders who desire to keep shares in a newly formed private entity would be allowed to do so along with the Tesla CEO stating that the Saudi Arabian sovereign wealth fund has made discussions about taking Tesla private multiple times "in an important bid to diversify from oil".

Musk defended his tweet of stating "funding secured" already for the deal stating that by the time He concluded a July 31st meeting with the Saudi sovereign fund which had built up a 5% stake in the EV maker,A deal was already sure of being closed with the country's investment fund.






Quoting Musk:

"I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be clo…

Netflix CFO David Wells is stepping down

Online Streaming and media giant Netflix has now announced its 8 year long CFO David Wells will be stepping down from his role after he gets to choose a successor from a search involving both internal and external candidates as he gets to leave his current position in his 14th year at the company.

Wells joined Netflix 2 years after it went public before ascending to the CFO position 6 years later being among the team which has seen Netflix scale from just a movie rental service to a global digital streaming and production giant counting blockbuster movies and major Hollywood names amongst its portfolio.






"It's been 14 wonderful years at Netflix, and I'm very proud of everything we've accomplished," Wells said. "After discussing my desire to make a change with Reed (Netflix CEO), we agreed that with Netflix's strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company. Perso…

Alphabet takes stake in Oscar Health with $375 million investment

NY based healthcare startup Oscar has now gotten a $375 million investment from tech giant Alphabet boosting the total raised by Oscar notable for its health insurance product offerings to about $1.3 Billion across several rounds.

Notably founded by a team consisting of its current CEO Mario Schlosser, Kevin Nazemi and Joshua Kusher (brother of Jared), Oscar has grown to a very good position since its founding 5 years ago garnering backing from the likes of Khosla Ventures, 8VC, Fidelity, General Catalyst, Breyer Capital, Thrive Capital, Goldman Sachs, Stanley Druckenmiller and several notable names, Oscar has grown from just from offering its service to individuals to several business offerings for the healthcare industry.

The New York based startup last raised $165 million prior to this round March this year at a valuation around $3 Billion which remains similar to this one while giving Alphabet a roughly 10% stake in Oscar.

Longtime Google executive and former YouTube CEO Salar Ka…

Kroger and Nuro ride into Arizona with autonomous delivery

Well over a month after announcing a partnership with robo-delivery startup Nuro, Grocery giant Kroger is now bringing self-driving grocery delivery to the state of Arizona with deleveries through Nuro's self driving Toyota Priuses starting this Thursday.

This is the first project for the 2 year old startup launched by two Google autonomous vehicle project veterans which came out of stealth mode with a $92 million funding round announced early this year.

Customers will now be able to order from a single Fry's food location paying a flat robo-delivery fee of $5.95 with no minimum order.

"We're excited to launch our autonomous vehicle delivery pilot with Fry's in Scottsdale," said Kroger Chief Digital Officer Yael Cosset. "Kroger wants to bring more customers the convenience of affordable grocery delivery, and our pilot with Nuro will help us test and learn to understand customer acceptance of autonomous vehicles in our seamless offering"






Nuro's …

Ucommune said to be aiming for $200 million funding round and IPO as early as next year

On the heels of a $43.5 million funding round which valued Ucommune, The 3 year old Chinese co-working startup at $1.8 Billion, A new piece from Bloomberg states of the WeWork China rival aiming to raise $200 million in total in a Series D funding round with the company also aiming for an IPO which could take place as early as next year likely on the Hong Kong stock exchange.

Ucommune has stood as a major co-working startup in the Chinese region heavily funded with well over $400 million so far in funding from several notable Chinese investors having grown to a stated 160 locations in over 35 cities servicing over 150,000 individual members and 8,000 enterprises in total as per the company.





Commenting on the just recently concluded funding round, Mao Daqing, The company's founder and CEO said "The concept of coworking has evolved tremendously over the last two years to one that compasses traditional rental, bespoke design, community networking and new retail. Ucommune has ev…