rideshare

Grab closing in on $35B SPAC deal, largest-ever

Southeast Asia ride-hailing company Grab will go public through a special purpose acquisition company (SPAC) in a $35 billion deal that will list the Singapore-based company on the NASDAQ.

The Financial Times reported on Wednesday that the deal with one of Altimeter Growth’s SPACs is expected to be finalized this week. News of the possible deal was covered by Modern Shipper in early March and first reported by The Wall Street Journal.

The latest report said Grab will secure $2.5 billion through...

https://s29755.pcdn.co/news/grab-closing-in-on-35b-spac-deal-largest-ever

Parking pilot keeps commercial deliveries flowing on Aspen city streets

Aspen tests smart parking pilot program for delivery vehicles

In 2019, a record $7.9 billion was spent on Cyber Monday, and that followed an Amazon sales record over the traditional Thanksgiving weekend shopping period. Online shopping that year reached $126 billion, a record at the time.

The result of that was a 5% increase in e-commerce deliveries year-over-year, according to professor José Holguín-Veras, director of the Center of Excellence for Sustainable Urban Freight Systems at New York’s Rensselaer Polytechnic Institute. The professor told Curbed...

https://s29755.pcdn.co/news/parking-pilot-keeps-commercial-deliveries-flowing-on-aspen-city-streets

Medically Necessary: Rideshare companies angle for a bigger piece of the health care supply chain

This is an excerpt from the March 25, 2021 edition of Medically Necessary, a health care supply chain newsletter. Subscribe here.

Good afternoon. Medically Necessary is a newsletter by Matt Blois about the health care supply chain — how we get drugs, devices and medical supplies to health care providers and patients.

Rideshare companies angle for a bigger piece of the health care supply chain

A driver for the non-emergency medical transportation company Veyo helps a patient get to a doctor’s...

https://www.freightwaves.com/news/medically-necessary-rideshare-companies-angle-for-a-bigger-piece-of-the-health-care-supply-chain

Rideshare company Grab could go public in $40B SPAC

A Southeast Asian ride-hailing company is in talks to go public through a special purchase acquisition company (SPAC), according to a report in The Wall Street Journal.

According to the publication, Grab Holdings could merge with one of two SPACs being led by Altimeter Capital Management LP in a deal that would value the Singapore-based company at $35 billion to $40 billion.

The news comes just more than a month after Reuters reported Grab was considering a U.S. initial public offering (IPO) this...

https://www.freightwaves.com/news/rideshare-company-grab-could-go-public-in-$40b-spac

Getting gig workers the unemployment they deserve

Gig workers typically don’t qualify for unemployment, but changes made in COVID-19 relief legislation made that possible in 2020, and it has continued into 2021. However, the nature of gig work and payment processes can make it difficult to prove income and open up the program to fraud.

The Workers Lab and Steady have launched The Workers Lab Design Sprint to help assist those gig workers who qualify for unemployment insurance with the use of the Steady App. 

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https://s29755.pcdn.co/news/getting-gig-workers-the-unemployment-they-deserve

What happened to gig workers in 2020? Gridwise report tells the story

Gig economy drivers took a big hit when the nation shut down because of COVID-19 in early 2020, but many have bounced back, and some have even thrived, according to a report from Gridwise, a rideshare and delivery assistance company.

Ryan Green, co-founder and CEO of Gridwise, told Modern Shipper that the supply of gig drivers is still about 40% below where it needs to be at this point.

“From the supply of drivers as soon as the pandemic came in March, by April we saw a 65% decline in drivers for...

https://www.freightwaves.com/news/what-happened-to-gig-workers-in-2020?-gridwise-report-tells-the-story

Eats, Delivery pushing Uber toward profitability

Uber’s (NYSE: UBER) earnings results, announced on Wednesday, offer a mixed bag of news. On the Rides side, business continues to struggle to escape from the COVID-19 pandemic, but the remainder of the business is showing signs of strength. That led to CEO Dara Khosrowshahi declaring on CNBC Thursday morning that profitability is within sight, perhaps by the end of 2021.

KeyBanc and Cowen both raised their price targets for the company, with KeyBanc maintaining an overweight rating and raising...

https://www.freightwaves.com/news/eats-delivery-pushing-uber-toward-profitability

Lyft executives confident in rebound

Lyft expects turnaround in Q2

Despite no real improvement in active riders, and a revenue decline year-over-year due in large part to the toll the COVID-19 pandemic has taken on the ridesharing business, analysts responded positively to Lyft’s (NASDAQ: LYFT) earnings results on Tuesday.

Wedbush raised Lyft’s price target to $72 from $53. Cowen analyst John Blackledge also boosted the price to $72.

“Last night LYFT delivered better than expected 4Q results, which were another major step in the right direction on the recovery...

https://www.freightwaves.com/news/lyft-executives-confident-in-rebound

Lyft rider numbers remain depressed, revenue falls in Q4

The pandemic took its toll on rideshare companies in 2020, and Lyft (NASDAQ: LYFT) was no different, but its Q4 earnings, released Tuesday after market close, are showing some recovery.

Lyft reported Q4 revenue of $569.9 million versus $1.01 billion in Q4 2019, a 44% decrease. The Q4 2020 revenue, though, was up quarter-over-quarter from $499.7 million, and it beat analysts’ expectations of $561.23 million. Revenue was up 14% sequentially in Q4 and at the higher end of its forecast, co-founder...

https://www.freightwaves.com/news/lyft-rider-numbers-remain-depressed-revenue-falls-in-q4

Social Auto Transport raises $1.5M in seed funding to expand gig economy auto-moving business

Car owners are mostly likely to visit dealerships for service during the first three years of vehicle ownership, J.D. Power reported in its 2020 Customer Service Index survey. The survey found that 88% of customers visit dealers for service in those initial years. The global insights company reported in 2018 that 64% of consumers wait at the dealership for their vehicle to be serviced.

In 2020, though, that changed. Car owners no longer wanted to sit in dealership waiting rooms as COVID gripped...

https://www.freightwaves.com/news/social-auto-transport-raises-15m-in-seed-funding-to-expand-gig-economy-auto-moving-business

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